US, WASHINGTON (ORDO NEWS) — Oil prices continued to recover on Friday after US President Donald Trump hinted that he might intervene in the price war between Saudi Arabia and Russia at “the right time.”
Prices were also supported by U.S. plans to buy up to 30 million barrels of oil by the end of June for its emergency emergency reserves, while regulators in Texas, the country’s largest oil producing state, are reportedly considering a reduction in production.
Futures for Brent crude oil rose 1.93% to $ 29.02 per barrel, while WTI rose 3.25% to $ 26.04 per barrel to 9:21 UTC.
The Trump administration is considering a diplomatic push that would force Saudi Arabia to tighten its taps, and sanctions against Russia. These measures will have to force both countries to reduce production, the Wall Street Journal reported, citing unnamed sources.
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