Oil prices rose during Thursday’s trading, supported by hopes of a possible truce between Saudi Arabia and Russia, following remarks from U.S. President Donald Trump last night.
As of 08:00 GMT, Brent crude reached $27.02 a barrel, while the highest level recorded during the session was at $27.87.noting that it also fell earlier to $23.03, the lowest level since November 2002 earlier this week.
West Texas Intermediate (WTI) crude futures traded at $22.20 per barrel, while the highest level recorded during the session was at 22.55.
The rise in oil prices came as result to investors raised hopes of a truce between Russia and Saudi Arabia to correct the situation associated with the oil market, which suffered a lot after the price war between the two sides.
At his press conference last night, Trump said he expects top oil producers to reach an agreement within the next few days to regain price stability in the energy market.
"It's bad for Russia, bad for Saudi Arabia. I mean, it's bad for both of them. I think it's time to make the deal,” Trump mentioned.
Nearly a month ago, the Organization of Petroleum Exporting Countries (OPEC), led by Saudi Arabia, and other crude producers, led by Russia, failed to reach an agreement, pushing crude prices to their lowest level in more than 17 years.
OPEC's oil production has also increased by 150,000 barrels per day (bpd) over the past month, according to a Bloomberg survey. Saudi Arabia has already increased its oil output by several million barrels per day.
It should be noted that the US Energy Information Administration (EIA) reported oil inventories rising by 13.8 million barrels more than expected last week, while U.S. crude production has stabilized near a record high.
Regarding Covid-19 latest updates, the number of global infections has risen to more than 938,000 and more than 47,000 deaths.
Meanwhile, the dollar
index, which measures the performance of six major currencies against the US
dollar, rose 0.02 percent at 99.76.