Oil Inches Higher on Trump Comments – 19 March, 2020

President Trumps hints that he may intervene in the oil price war between Saudi Arabia and Russia caused U.S. crude oil prices to rise over $1. U.S. crude futures for the month of April was up 92 cents or 3.7% to $26.14 per barrel. West Texas Intermediate futures May contract was up 3.9% or $1.01 to $26.92 per barrel. Brent crude futures were up 2% or 57 cents to $29.04 per barrel. Talks between OPEC and their allies crumbled over the last two weeks as OPEC and Russia could not come to an agreement, causing Saudi Arabia to ramp up supply for a bigger market share.