Oil Prices: Crude Jumps 10% Amid OPEC Cooperation Rumors After Steep Declines
This story was updated at 4:30 p.m. EST.
A single tweet Thursday opened a gusher for oil prices Friday, as rumors of cooperation amongst oil producers spurred optimism amongst traders. The price of West Texas Intermediate crude settled up nearly 11 percent, rising $2.87 to $20.08, on a day that saw the largest price gains in oil since 2009.
The move reverses part of the steep declines in oil that have taken place since the start of the week. Domestic crude hit a low point of $26.05 Thursday, a price not seen since 2003.