Friday, October 02, 2026
Oil soars, lifting stocks, on hopes for a price war truce
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April 2, 2020 8:03 AM
NEW YORK (AP) — Stocks jumped and the price of oil rocketed higher Thursday after President Donald Trump said he expects Saudi Arabia and Russia to cut production of oil, dialing down a price war that had helped send the price of crude plunging. The price of oil soared 25% to $25 a barrel. It was up 8% earlier Thursday. Energy stocks, which have been beaten down in recent months, rose 12%. Major U.S. indexes rose 1.8%. The price war had come just as demand for energy was evaporating as manufacturing, travel and businesses shut down across the world because of the coronavirus.
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