# Oil Jumps Most Since June on Saudi-Russian Pact, Trade War Truce

> Oil futures in New York rose about 4 percent on Monday after their worst monthly loss in a decade, lifted by an extended Saudi-Russian cooperation pact and cooling U.S.-China trade tensions. Canadian supply cuts also pushed prices higher, and an OPEC and allied meeting in Vienna was expected to address output.

- Date: 2019-01-01 · published 2019-01-01T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/61727-oil-jumps-most-since-june-on-saudi-russian-pact-trade-war-truce
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Higher crude supports energy costs and biofuel economics, which can lend some support to vegetable oil and feed input values. The outcome of the OPEC meeting and trade talks will determine whether the rebound holds.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 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% |
| WTI | 2022-03-02 | [Oil jumps to highest since 2011 as OPEC holds output steady despite Russia's war on Ukraine](https://feedsoft.ai/events/42432-oil-jumps-to-highest-since-2011-as-opec-holds-output-steady-despite-russia-s.md) | +19.4% | +0.6% |
| WTI | 2022-03-21 | [Crude jumps more than 7% as EU mulls Russian oil ban](https://feedsoft.ai/events/9149-crude-jumps-more-than-7-as-eu-mulls-russian-oil-ban.md) | +10.3% | +3.4% |
| 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% |
| 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% |
| BRENT | 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) | +49.5% | +11.2% |
| BRENT | 2022-03-02 | [Oil jumps to highest since 2011 as OPEC holds output steady despite Russia's war on Ukraine](https://feedsoft.ai/events/42432-oil-jumps-to-highest-since-2011-as-opec-holds-output-steady-despite-russia-s.md) | +21.0% | +3.3% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2018-12-03/oil-jumps-after-saudi-arabia-and-russia-agree-to-extend-pact

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