Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Please try again

Live Webinar Events


Economic Calendar Events


Notify me about

Live Webinar Events
Economic Calendar Events






More View More
Oil Surges Higher on Trump Comments

Oil Surges Higher on Trump Comments

What's on this page

Crude Oil Breaks Higher Talking Points:

  • Trump commented that Russia and Saudi Arabia plan to cut production
  • Saudi Arabia calls for emergency OPEC+ meeting
  • USDCAD modestly lower on higher oil price prospects

Crude oil exploded higher Thursday morning as US President Trump commented that Saudi Arabia and Russia appear set to cut oil production by at least 10 million barrels per day.The comments from the President stated that the cuts could be as high as 15 million barrels per day.

Crude Oil (1-Min Chart)

Crude oil

Source: IG Charts

Following Trump's comments, Saudi Arabia called for an emergency OPEC+ meeting according to Saudi Arabia's state run news agency. Oil linked currencies such as USD/CAD dropped as news of the prospective production cuts crossed the wires.

Oil Forecast
Oil Forecast
Recommended by Thomas Westwater
Get Your Free Oil Forecast
Get My Guide

The news comes at a welcome time for oil producers as prices of WTI crude neared $20 USD per barrel, the lowest in years. Oil prices collapsed in March as OPEC+ and Russia failed to come to an agreement regarding production cuts. Moscow indicated previously that they would flood the market with oil, prompting an oil price war.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.