The price of Brent crude climbed above $30 after U.S. President Donald Trump announced Thursday he spoke with Saudi and Russian leaders and expects a substantial lowering of production levels.
The international benchmark climbed to as high as $30.86 per barrel at 1436 GMT — a 38.5% increase after closing Wednesday at $22.27. The benchmark retreated to $25.91 at 1544 GMT when its daily gain was 16.3%.
American benchmark West Texas Intermediate (WTI) jumped to $26.94 at 1443 GMT for a daily gain of 28.16% after ending Wednesday at $21.02. WTI fell to $24.51 at 1546 GMT when its