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Crude oil prices skyrocketed on Thursday amid hopes the price war between Saudi Arabia and Russia would end soon.
Reports about China building up crude inventories, and possible reduction in U.S. crude production following a major U.S. energy exploration and production firm filing for bankruptcy, contributed as well to the sharp rise in oil prices.
U.S. President Donald Trump tweeted later in the day that he expects a sharp 15 million barrels output cut from Russia and Saudi Arabia.
West Texas Intermediate Crude oil futures for May ended up $5.01, or about 25%, at $25.32 a barrel. Prices rose to as high as $27.39 a barrel in the session.
Brent Crude futures moved up $5.20, or about 21%, to $29.94 a barrel.
On Wednesday, WTI crude oil futures ended down $0.17, or about 0.8%, at $20.31 a barrel.
According to latest reports, Saudi officials have said the kingdom is willing to consider massive oil-supply curbs if other nations too joined the effort.
Saudi Arabia is reportedly seeking an emergency meeting that would include the Organization of the Petroleum Exporting Countries (OPEC), Russia and other nations.
