Trump Says Russia, Saudis Will Cut Oil Production

(Bloomberg) -- U.S. President Donald Trump said he expects that Russia and Saudi Arabia will be cutting their oil production by about 10 million barrels “and maybe substantially more.”

Trump said on Twitter that he spoke with Saudi Crown Prince Mohammed bin Salman, who in turn spoke with Russia President Vladimir Putin.

U.S. oil futures surged by as much as 35% to $27.39. The global benchmark Brent gained 47% to $36.29.

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