By the Associated Press:
Stocks jumped and the price of oil rocketed higher Thursday after President Donald Trump said he expects Saudi Arabia and Russia to cut production of oil, dialing down a price war that had helped send the price of crude plunging.
The price of oil soared 25% to $25 a barrel. It was up 8% earlier Thursday. Energy stocks, which have been beaten down in recent months, rose 11%. Major U.S. indexes rose more than 1.5%.
The price war had come just as demand for energy was evaporating as manufacturing, travel and businesses shut down across the world because of the coronavirus.
