US, WASHINGTON (ORDO NEWS) — Oil prices jump more than 13% thanks to hopes of a deal to cut supplies.
Oil futures jumped for a second straight session, on Friday, and US and Brent crude futures recorded the two largest gains in terms of percentage terms since the benchmarks began to trade.
The jump was due to hopes that a global deal to cut supplies around the world could be reached next week.
In Thursday’s session, oil recorded the biggest one-day jump in the history of crude markets due to the potential for supply cuts equaling between 10 percent to 15 percent of global demand. This sharp recovery came from weeks of losses after US President Donald Trump said that Russia Saudi Arabia will negotiate an end to a price war that pushed crude prices last month by more than half.
Friday’s price rally continued and Brent crude, the global benchmark, jumped $ 4.17, or 13.9 percent, to settle at $ 34.11 a barrel.
And Brent contracts jumped as much as 47 percent on Thursday, recording the highest percentage gains in trading in one day, before closing up 21 percent.
Brent contracts ended the week up 36.8 percent, its biggest weekly gain in percentage terms in the history of world record crude contracts.
US West Texas Intermediate benchmarks ended the session higher, $ 3.02, or 11.93 percent, to settle at $ 28.34 a barrel.
And US crude contracts also closed the week with gains of 31.8 percent, which is also its largest weekly gain ever.
It is scheduled to hold “OPEC” an emergency meeting on Monday, led by Saudi Arabia, during which may agree on cuts equivalent to 10 percent of global supplies, or about 10 million barrels per day.
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