Trump Call to Putin Raises Russia’s Hopes of End to Costly Oil War
- Coronavirus havoc to world economy has caused shock in Moscow
- Russia had expected crude prices to recover above $30/barrel
An oil refinery plant in Novokuibyshevsk, Samara region, Russia.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
U.S. President Donald Trump’s bid to end the oil war between Russia and Saudi Arabia is breeding cautious hopes in Moscow of a possible way out of the damaging stand-off, potentially reversing some of the collapse in crude prices.
The fact that it was Trump who placed the call to Vladimir Putin Monday, reversing his earlier stance welcoming the drop in oil prices, was seen in Moscow as a positive sign, according to three people familiar with the matter.