# Oil rallies as Trump talks up truce hopes for Saudi-Russia price war

> Crude futures jumped about 10% on April 2, 2020, after Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their price war. Brent rose 11.36% to $27.55 and WTI gained 10% to $22.34. US crude stockpiles posted their biggest weekly rise since 2016.

- Date: 2020-04-02 · published 2020-04-02T12:00:00.000Z
- Category: geopolitics · region Global · magnitude high
- Page: https://feedsoft.ai/events/5490-oil-rallies-as-trump-talks-up-truce-hopes-for-saudi-russia-price-war
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Expectations of a Saudi-Russia production deal support crude prices and energy input costs. Rising US crude stockpiles are a bearish offset that limits the rally.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2020-04-02 | 1 | +35.2% | 5.0 | Describes the same April 2 truce-hope rally, though at an earlier intraday magnitude; contributes to sentiment-driven short covering. |
| WTI | 2020-04-05 | 5 | +72.7% | 7.0 | Reports an intraday ~10% jump on truce hopes, part of the April 2 surge. |
| BRENT | 2020-04-06 | 5 | +40.0% | 4.8 | Intraday rally of about 10% on truce hopes was part of the April 2 surge. |
| BRENT | 2020-04-07 | 5 | +44.4% | 4.9 | Describes the April 2 rally on truce hopes, though the magnitude cited is smaller than final settlement. |
| WTI | 2020-04-02 | 1 | +19.9% | 3.1 | Describes the same April 2 truce-hopes rally with Trump's comments, though with smaller figures than the final settlement. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-04-02 | [Coronavirus: Oil prices surge on hopes of a price war truce](https://feedsoft.ai/events/5485-coronavirus-oil-prices-surge-on-hopes-of-a-price-war-truce.md) | +23.3% | -2.7% |
| WTI | 2019-01-01 | [Oil Jumps Most Since June on Saudi-Russian Pact, Trade War Truce](https://feedsoft.ai/events/61727-oil-jumps-most-since-june-on-saudi-russian-pact-trade-war-truce.md) | +9.7% | +17.5% |
| WTI | 2025-01-10 | [Oil prices rally 3% as US hits Russian oil with tougher sanctions](https://feedsoft.ai/events/10352-oil-prices-rally-3-as-us-hits-russian-oil-with-tougher-sanctions.md) | +7.0% | -3.7% |
| 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% |
| WTI | 2020-04-02 | [Trump says Saudis and Russians will not hike oil production, and price jumps - The Washington Post](https://feedsoft.ai/events/5492-trump-says-saudis-and-russians-will-not-hike-oil-production-and-price-jumps-the.md) | +23.3% | -2.7% |
| BRENT | 2020-04-02 | [Coronavirus: Oil prices surge on hopes of a price war truce](https://feedsoft.ai/events/5485-coronavirus-oil-prices-surge-on-hopes-of-a-price-war-truce.md) | +49.5% | +11.2% |
| BRENT | 2019-01-01 | [Oil Jumps Most Since June on Saudi-Russian Pact, Trade War Truce](https://feedsoft.ai/events/61727-oil-jumps-most-since-june-on-saudi-russian-pact-trade-war-truce.md) | +10.8% | +17.2% |
| BRENT | 2025-01-10 | [Oil prices rally 3% as US hits Russian oil with tougher sanctions](https://feedsoft.ai/events/10352-oil-prices-rally-3-as-us-hits-russian-oil-with-tougher-sanctions.md) | +5.4% | -4.2% |

## Sources

- cnbc.com: https://www.cnbc.com/2020/04/02/oil-markets-saudi-arabia-russia-oil-price-war-in-focus.html

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