Oil price jump brightens fragile global markets

Fri, 03 Apr 2020

Oil prices jumped more than 20 percent on news Saudi Arabia and Russia may have reached a deal to scale back production, helping boost stocks on Wall Street and setting an upbeat tone for local markets. The spot price of Brent crude oil rose as high as US$36.29 a barrel and was recently up 20.6 percent at US$29.84 a barrel after US President Donald Trump tweeted about a deal between the oil producing nations, saying he'd spoken to Saudi Crown Prince Mohammed bin Salman who'd talked to Russian President Vladimir Putin. “I expect...

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