Trump Says Saudis, Russians Agree to Major Oil Production Cut

It’s pretty amazing what a single tweet can do. It can move the price of oil up by $5/barrel! Yesterday President Trump tweeted: “Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, & I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!” The markets reacted quickly bidding up the price of oil to $25.32/barrel for WTI. Let’s hope it continues.

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