Oil Prices Rise on Optimism About Russian-Saudi Negotiations
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President Donald Trump tweeted Thursday that he spoke with Crown Prince Mohammed bin Salman about Saudi Arabia possibly curbing oil production. In turn, bin Salman reportedly spoke with Russian President Vladimir Putin to negotiate a cut in oil output. Oil prices rose steadily on the news of the apparent conversations, after dropping over 50% throughout March due in part to the COVID-19 outbreak.
Most media outlets, regardless of leaning, speculated that the deal could prevent job loss for workers in the oil and gas industry.
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