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Crude oil rises above $30 per barrel after Trump hints at intervention

Crude oil rises above $30 per barrel after Trump hints at intervention
March 20
11:43 2020

The price of crude oil rose to $30.25 per barrel on Friday.

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Brent crude, the global benchmark of crude oil, increased by 6.25% from the previous $26 per barrel.

US West Texas Intermediate also increased by 2.97% to trade at $26.62 per barrel.

The increase was due to comments made by Donald Trump, president of the United States, about intervening in the oil price war.

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Saudi Arabia had announced that it would increase output after a meeting with other members of the Organisation of Petroleum Exporting Countries (OPEC) ended in a deadlock.

Commenting on the price war, Trump had said low prices are good for the US consumer but “he oil price war hurts a great industry and very powerful industry”.

“So it’s very devastating to Russia. I would say it’s very bad for Saudi Arabia, but they were in a fight. They were in a fight on price. They were in a fight on output. And at the — at the appropriate time, I’ll get involved.”

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Despite the rise of oil prices on Thursday and Friday, Brent was still on track for a weekly loss of more than 10%, its fourth consecutive weekly decline.

Nigeria could be affected as it would require higher revenue to implement its budget.

The US and India have also announced plans to buy cheap crude oil and stock up their strategic crude reserves.

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