Loading…
Trump said Saudi Arabia and Russia would not hike oil production, and prices jumped on April 2, 2020. Trump said he had spoken with Putin and Crown Prince Mohammed bin Salman about stabilizing oil prices, which had fallen about 60% in the past month.
Prices were up more than the excerpt states.
Signals that Saudi Arabia and Russia will avoid a production increase support crude prices after a steep fall, which eases energy cost pressure on feed producers. The effect depends on whether producers follow through.
washingtonpost.comWill EnglundApr 2, 2020After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.
After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Trump's comments after speaking with Putin and MBS about not hiking output pushed prices sharply higher on April 2.
Trump's comments after speaking with Putin and MBS about stabilizing the market caused the April 2 price jump.
Prices jumped after Trump said he had spoken with Putin and MBS about stabilizing the market (sentiment).
Trump's statement that Saudi and Russia would not raise output supported the price jump on April 2.
Trump's comments that Saudi and Russia would not raise production lifted prices on April 2.
