Oil gives up gains from Trump's pushback against Saudi Arabia, Russia
Texas weighs curtailing oil production: Report
Icon Advisers founder and president Craig Callahan and Hennessy Funds CIO Neil Hennessy discuss oil production in America in the midst of the coronavirus outbreak.
Oil prices surrendered some of their gains Friday from President Trump's threat to take action against Saudi Arabia and Russia on behalf of the beleaguered U.S. shale patch.
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West Texas Intermediate crude oil, the U.S. benchmark, tumbled 1.4 percent to $25.54 after climbing as much as 10 percent in early trading. The initial surge had built on a 23.8 percent spike on Thursday, the most on record. WTI settled at an 18-year low of $20.37 on Wednesday.
“They’re in a fight on price, they’re in a fight on output, and at the appropriate time, I’ll get involved,” President Trump told reporters at a White House press briefing on Thursday afternoon.
OIL PRICES COULD FALL BELOW ZERO: ANALYST
Crude oil prices have crashed by as much as 63 percent since March 9, when Saudi Arabia slashed prices for its customers and lowered production in response to Russia's refusal to join OPEC in deepening output cuts.
The price drop has been exacerbated by the COVID-19 pandemic, which has curtailed oil demand by causing governments to lock down populations, people to practice social distancing and the cancellation of non-essential travel.
The Wall Street Journal reported on Thursday the Trump administration could resort to tactics from the 1970s and 1980s to support oil producers and global oil prices and that Texas is considering reducing its output.