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Intervene expectation increases oil price more than 2 dollars

by Bunkerist
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Oil prices rose more than $ 2 on Friday right after US President Donald Trump implied that he might intervene in the price war between Saudi Arabia and Russia.

The US plans to purchase up to 30 million barrels of crude oil by the end of June for its strategic stocks and the price of oil has been supported by the regulators in the state of Texas that they may reduce production.

The more active West Texas Intermediate (WTI) crude futures contract for May CLc2 was up $2.10, or 8.1% at $28.01 a barrel at 0820 GMT.

U.S. crude futures for April CLc1 also rose $2.03 to $27.25 a barrel. The front-month April contract, which spiked 24% on Thursday, expires later on Friday.

Brent crude futures LCOc1 were up $1.90, or 6.7%, to $30.37 per barrel. They rose as high as $30.68 earlier in the session.

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