CNBC’s Kelly Evans discusses oil markets with Fred Kempe, CEO of the Atlantic Council.
Oil prices surged again on Friday on the hope that a production cut deal will soon be reached after OPEC and its allies announced they will hold a virtual meeting on Monday, and after Russian President Vladimir Putin reportedly said that the county wanted to see global action on cuts of around 10 million barrels per day.
U.S. West Texas Intermediate crude jumped 11.93%, or $3.02, to settle at $28.34 per barrel. At the session high, WTI gained more than 12% to trade at $28.56. For the week WTI rose 31.7% in its best week on record back to the contract’s inception in 1983. International benchmark Brent crude rose 13.9% to settle at $34.11 per barrel.
Russia initially rejected additional cuts proposed by OPEC in early March, but Reuters reported on Friday that Putin said production needs to be cut by around 10 million barrels per day, but that the U.S. must also take action.
“In our view there is no OPEC+ choice involved, the rhetoric is window-dressing, the market will deliver cuts, and they will be deeper than any OPEC+ agreements,” Mizuho managing director Paul Sankey said in a note to clients Friday.
On Thursday WTI and Brent posted their best day on record after President Donald Trump told CNBC that he expected Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman to announce a deal to cut oil production by 10 million to 15 million barrels, although the exact details of the cut remained unclear.
WTI gained 24.67% to settle at $25.32, while Brent rose 21% to settle at $29.94.
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