Oil prices rise after Trump claims

US, WASHINGTON (ORDO NEWS) — World oil prices slowed growth, but remain in positive territory after statements by US President Donald Trump , according to trading data. Growth continues for the second trading session in a row.

As of 8.43 UTC, the price of May futures for the North Sea Brent crude oil rose by 0.7% to $ 28.67 per barrel, May futures for WTI crude oil rose by 1.51%, to $ 26.32 per barrel. Earlier on Friday, prices were up 3-5%.

Oil wins back the previous collapse in prices to lows since the early 2000s.

On Thursday, WTI prices jumped more than 30%, Brent – 16%. Investors drew attention to Trump’s statements that the US will intervene in the oil market at the “right time”, but for now are trying to find a “middle ground” between the benefits of low prices and the protection of its oil industry.

In addition, the United States announced that it would purchase 77 million barrels of oil in the domestic market for a strategic reserve.

“Such actions, if implemented, will reduce global and domestic supplies and help maintain prices in the near future,” Reuters quoted Goldman Sachs as saying.

The oil market remains extremely volatile after the collapse of the OPEC + deal and amid the coronavirus pandemic, which threatens the global economy as a whole and the demand for raw materials in particular.


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