# Oil surges 24% for best day on record after Trump tells CNBC Saudis, Russia reach agreement

> WTI crude settled up 24.67% at $25.32 on April 2, 2020, its largest one-day percentage gain on record, after Trump said Saudi Arabia and Russia would ease pressure on oil. Trump said he expected a production cut of 10 million to 15 million barrels. Brent rose about 18% to $29.14 intraday.

- Date: 2020-04-02 · published 2020-04-02T12:00:00.000Z
- Category: geopolitics · region Global · magnitude high
- Page: https://feedsoft.ai/events/5486-oil-surges-24-for-best-day-on-record-after-trump-tells-cnbc-saudis-russia-reach
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

Expected output cuts of 10 to 15 million barrels a day would be a large supply withdrawal, lifting crude and energy input costs. Crude strength tends to support biofuel-linked oils and can raise diesel and fertilizer costs for feed production.

## Read by commodity

- SBO: bullish ▲
- WTI: bullish ▲
- BRENT: bullish ▲
- PALMOIL: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WTI | 2020-04-05 | 5 | +72.7% | 7.0 | Documents WTI's record one-day gain of 24.67% to $25.32 on expectations of Saudi-Russia supply easing. |
| WTI | 2020-04-02 | 1 | +19.9% | 3.1 | Describes WTI's best day on record after Trump said Saudi Arabia and Russia would ease pressure, directly matching the move. |
| BRENT | 2020-04-02 | 1 | +35.2% | 5.0 | Trump's CNBC claim of a Saudi-Russia agreement drove the record one-day rally, easing the supply-war pressure. |
| BRENT | 2020-04-06 | 5 | +40.0% | 4.8 | WTI's record one-day gain on Trump's remarks about a Saudi-Russia agreement lifted the whole crude complex including Brent. |
| BRENT | 2020-04-07 | 5 | +44.4% | 4.9 | Trump's claim of a Saudi-Russia agreement triggered the record rally in crude on April 2, supply-side expectations. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-04-02 | [Oil surges on Trump claim of major Saudi-Russia oil supply deal](https://feedsoft.ai/events/5491-oil-surges-on-trump-claim-of-major-saudi-russia-oil-supply-deal.md) | +23.3% | -2.7% |
| WTI | 2026-01-13 | [Oil rallies after Trump tells Iran protesters help is on the way](https://feedsoft.ai/events/11392-oil-rallies-after-trump-tells-iran-protesters-help-is-on-the-way.md) | +1.5% | +7.9% |
| WTI | 2020-04-02 | [Oil rallies as Trump talks up truce hopes for Saudi-Russia price war](https://feedsoft.ai/events/5490-oil-rallies-as-trump-talks-up-truce-hopes-for-saudi-russia-price-war.md) | +23.3% | -2.7% |
| WTI | 2019-09-16 | [Oil jumps nearly 15% in record trading after attack on Saudi facilities](https://feedsoft.ai/events/5704-oil-jumps-nearly-15-in-record-trading-after-attack-on-saudi-facilities.md) | +5.8% | -0.1% |
| WTI | 2020-04-09 | [Saudi Arabia and Russia end their oil-price war with output cut agreement](https://feedsoft.ai/events/53548-saudi-arabia-and-russia-end-their-oil-price-war-with-output-cut-agreement.md) | -20.7% | -1.1% |
| BRENT | 2020-04-02 | [Oil surges on Trump claim of major Saudi-Russia oil supply deal](https://feedsoft.ai/events/5491-oil-surges-on-trump-claim-of-major-saudi-russia-oil-supply-deal.md) | +49.5% | +11.2% |
| BRENT | 2026-01-13 | [Oil rallies after Trump tells Iran protesters help is on the way](https://feedsoft.ai/events/11392-oil-rallies-after-trump-tells-iran-protesters-help-is-on-the-way.md) | +1.4% | +8.5% |
| BRENT | 2020-04-02 | [Oil rallies as Trump talks up truce hopes for Saudi-Russia price war](https://feedsoft.ai/events/5490-oil-rallies-as-trump-talks-up-truce-hopes-for-saudi-russia-price-war.md) | +49.5% | +11.2% |

## Sources

- cnbc.com: https://www.cnbc.com/2020/04/02/oil-rallies-10percent-after-trump-says-he-expects-saudi-arabia-russia-feud-to-end-soon.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.