Oil Prices Spike by 24.5% as Saudis Consider Production Cut

Oil prices rose by more than 24.5 % when settling trading Thursday, recording the largest rise in its history, supported by U.S. President Donald Trump's tweet about the possibility of a sharp reduction in crude production.

The US President Donald Trump said in a tweet via "Twitter" that he had spoken with the Saudi crown prince about the collapse of oil prices, expecting Russia and Saudi Arabia to reduce oil production by about 10 million barrels per day or more.

Saudi Arabia also called for an urgent meeting of OPEC and allies with the aim of reaching a fair agreement to restore the required balance in oil markets, according to the Saudi Press Agency.

Trump had said he expected Saudi Arabia and Russia to reach an agreement within a few days that would end the price war, noting that he had spoken to officials of the two countries.

On the other hand, a recent survey expected OPEC production to increase by about 150,000 barrels per day during the month of March amid the repercussions of the collapse of the agreement between the organization and the allies.

Upon settlement, the price of future US NYMEX crude for May delivery increased by 24.7 % to $ 25.32 a barrel, after hitting a level of $ 27.39 a barrel during trading.

By the end of trading, Brent crude for June delivery rose 20.8 % to $ 29.89 a barrel after hitting a level of $ 36.29 a barrel earlier in trading.