Oil prices increased by 30% after the Declaration of the trump

in Late February, oil prices tumbled after Russia and the OPEC countries failed to agree on production cuts. During March, oil prices gradually declined under pressure of lower demand due to a pandemic virus Covid -19 and the imposition of quarantines by most countries.

Quotes of Brent oil in the last days of March fell to 22.8 $/barrel, April 1, but recovered to $25/barrel. Yesterday during a session at London exchange ICE they have grown by 29.06% to 31.93 $/barrel, while June futures trading at the peak increased by 46.7% to 36.29 $/barrel. The price of WTI rose by 32.2% to 26.85 $/barrel.

Such rapid price growth has caused the message trump tweeted that "while chatting with his friend, the crown Prince of Saudi Arabia Mohammed bin Salman found out that he talked to President Putin. I hope that now they will reduce oil production by 10 million barrels/day or more, which will support the entire oil and gas industry".

However, later the press Secretary of the President of Russia Dmitry Peskov said that Putin talked to the Saudi Prince, after which the price of Brent oil fell again to 28.8 $/bbl, and for WTI crude to 24.9 $/barrel.

we Can assume that trump's tweet was meant to support the market for oil and to distract attention from evidence of a sharp increase in the number of unemployed in the United States last week to 6.6 million people, which can cause a further fall in the markets. Yesterday on the background of rise in price of oil stocks in the USA increased by 1.7 and 2.2%, despite the large number of unemployed and died as a result of the rapid spread of the virus in the United States.

From the dispute between Russia and Saudi Arabia suffer American producers of shale oil. Russia is interested in the level of oil prices in the range of 50-60 $/barrel, the shale oil companies will get a loss because of the high cost of production.

the First victim of the situation in the USA was the company Whiting Petroleum Corp, filed for bankruptcy. Previously, she was a leader in the production of oil in North Dakota and now ranks second.

it is Worth noting that shale deposits are easier to preserve, and then to resume production than traditional.

Saudi Arabia is trying to oust Russia from European markets, offering higher quality oil at a lower price, so at least until the fall of oil prices will remain low.