Potential Saudi-Russia truce sends Canadian oil stocks soaring [Toronto Globe and Mail (Ontario, Canada)]
Canadian Natural Resources Limited (CNQ)
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Source: Toronto Globe and Mail
Potential Saudi-Russia truce sends Canadian oil stocks soaring An oil tanker is being loaded at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia on May 21, 2018. Ahmed Jadallah/Reuters An oil tanker is being loaded at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia on May 21, 2018. A potential truce in the oil price war between Saudi Arabia and Russia hoisted crude futures from their lowest levels in nearly 20 years on Thursday, sparking a relief rally in Canadian energy stocks ravaged by the coronavirus disease pandemic. In a series of tweets on Thursday, U.S. President Donald Trump claimed to have brokered a deal between the feuding oil giants that would deliver a production cut of 10 million to 15 million barrels a day, which drove a 22-per-cent gain in West Texas Intermediate (WTI) to nearly US$25 a barrel. A cut of that magnitude could lower the risk of a monumental global supply glut and help prevent, or at least defer, mass bank
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