- President Donald Trump praised the oil-market recovery on Tuesday, noting that rising prices will aid the US energy sector after weeks of deteriorating sentiment.
- West Texas Intermediate crude leaped as much as 8.7%, to $26.33 per barrel, in Tuesday trading, extending a rebound that began when Saudi Arabia further cut production on Monday.
- The
oil rally creates "the BEST of all Worlds" and leaves US energy firms "starting to look very good again," Trump tweeted. - Watch oil trade live here.
President Donald Trump cheered soaring oil prices on Tuesday, adding that the commodity rally will reinvigorate American energy companies struggling through the economic downturn.
Saudi Arabia announced on Monday it would further slash pumping activity to prop up the battered oil market. Prices have swiftly rebounded after tumbling to negative levels in late April. While storage concerns loom and demand only slowly returns, prices have mostly stabilized near pre-crash levels.
The oil surge creates "the BEST of all Worlds" as Americans can enjoy historically low gasoline prices while the energy sector recovers, Trump tweeted Tuesday morning.
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West Texas Intermediate crude oil leaped as much as 8.7% on Tuesday, to $26.23 per barrel. International benchmark Brent crude jumped 3.6%, to $30.70 per barrel.
Though US gasoline prices remain below $2 per gallon on average, rates have slightly risen alongside the market bounce. The current average sits at $1.85 per gallon, according to the American Automobile Association, up from last week's $1.79 reading.
The tweet follows weeks of rumors around whether the
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