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. Texas Railroad Commission member Ryan Sitton, in a rare move for the state’s oil regulator, later tweeted that he spoke with Russia’s energy minister and discussed a 10 million barrel-a-day global output cut and would talk to the Saudi oil minister soon.
