While oil futures got a record boost from President Donald Trump’s claim that Saudi Arabia and Russia would make deep supply cuts, the market for physical barrels of crude still strains under a massive glut While oil futures got a record boost from President Donald Trump’s claim that Saudi Arabia and Russia would make deep supply cuts, the market for physical barrels of crude still strains under a massive glut.
West Texas Intermediate crude rallied as much as 35% after President Trump tweeted that the world’s largest producers would be cutting as much as 15 million barrels, and ended with the biggest intraday gain in its history.