Crude oil prices rose sharply on Friday, climbing up for a second successive day amid rising hopes of deep production cuts by major oil producers, including Russia and Saudi Arabia.
Demand for energy has dropped significantly and is likely to drop even further as the global economy is staring at a deep recession due to the rapid spread of the coronavirus pandemic.
The OPEC has scheduled an urgent meeting with Russia and other oil producers next week to discuss output cuts and end the price war.
The meeting, which will be held via video conference on Monday, is open to all producers including those from outside the OPEC+ alliance.
U.S. President Donald Trump said on Thursday that he expects Russia and Saudi Arabia to cut production by 10 – 15 million barrels per day and significantly reduce global supply.d
West Texas Intermediate Crude oil futures for May ended up $3.02, or almost 12%, at $28.34 a barrel.
WTI Oil futures gained nearly 32% in the week.
Brent crude futures gained nearly 14% to settle at $34.11 a barrel today.
According to Baker Hughes, the number of active U.S. rigs drilling for oil dropped to 562 this week, down 62 from previous week. Last week, oil rig count dropped by 40. The total active U.S. rig count, meanwhile, also declined by 64 to 664, according to Baker Hughes.