(Bloomberg) -- Energy stocks rallied across the board after West Texas Intermediate crude surged as much as 35%. President Donald Trump said he expects Saudi Arabia and Russia to cut oil production by about 10 million barrels.
The S&P 500 energy index jumped as much as 14% intraday, with shale drillers including Diamondback Energy Inc., Apache Corp. and Devon Energy Corp. all up over 30%.
In Canada, oil sands producer MEG Energy Corp. gained about 50%, leading Toronto's energy index to an intraday gain of 9.6%.
Meanwhile, tanker stocks, a beneficiary of the oil-price war, fell to session lows. Teekay Tankers Ltd fell about 25%, while Nordic American Tankers Ltd lost 19%.
Trump didn't specify in a tweet whether the production cut would be per day. He said Saudi Prince Mohammed Bin Salman had spoken to Russian President Vladimir Putin about their oil price war. Putin said the two hadn't spoken and haven't agreed to cut production.
Trump is scheduled to speak with the leaders of U.S. oil producers and refiners on Friday.
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