Oil soars by most on record after Trump says Saudis and Russians to cut output

Oil prices soared over 30% – on track for the most in a day on record – following reports U.S. President Donald Trump expects Russian President Putin and the Saudi Crown Prince to announce an oil production cut of 10 million to 15 million barrels.

Brent futures rose $8.04, or 33%, to $32.78 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $6.62, or 33%, to $26.93.

That puts Brent on track for its biggest one-day gain on record.