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 (Bloomberg) -- Oil slipped below $25 a barrel following a record surge as doubts crept in over U.S. President Donald Trump's claim he had brokered a deal that would see deep supply cuts from Saudi Arabia and Russia.Futures advanced almost 25% in New York on Thursday after Trump tweeted that he expected the two leading producers to slash output by 10 million barrels or more. However, the Kremlin later said that President Vladimir Putin had not spoken to his Saudi counterpart and hasn't agreed to reduce production. Citigroup Inc. said any deal was too little, too late.See also: Trump's Push for Huge Deal to Cut Oil Supply Draws DisbeliefWhile futures spiked, the outlook for the physical market remains bleak as discounts for some grades of physically delivered oil across the U.S. and Canada widened. Heavy Louisiana Sweet crude lost $1.75 a barrel relative to West Texas Intermediate to a record $10.50 discount.Oil has whipsawed this week after slumping to an 18-year low on Monday. While Trump tweeted that he had spoken to Saudi Crown Prince Mohammed bin Salman, who had in turn spoken with Russian president, a person familiar with the situation said the U.S. President's goal is purely aspirational and will ultimately hinge on whether Riyadh and Moscow can reach a deal.After Trump's request, Saudi Arabia said it had called a meeting of the OPEC alliance that includes Russia to discuss a "fair agreement," signaling it would only cut output if others do so. Even if producers do decide on a cut, global demand is co
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 (Bloomberg) -- President Donald Trump is trying to get the world to cut oil production by 10 million barrels a day in an effort to end a market-share war that sent crude prices plunging to the lowest levels in two decades.Earlier on Thursday, Trump shocked markets by tweeting that he expected Russia and Saudi Arabia alone to cut about 10 million barrels -- or roughly a tenth of global petroleum, sending oil prices soaring. A person familiar with the discussion later said that Trump, after a call with Saudi Arabia Crown Prince Mohammed bin Salman, was hoping to get other oil market participants to contribute to that cut, too. A second person familiar with the situation said Trump's goal is purely aspirational and will ultimately hinge on whether Saudi Arabia and Russia can reach a deal.Any across-the-board reduction of this size will face serious challenges. Saudi Arabia hasn't voiced outright support for the move and instead called for an "urgent meeting" of the world's oil producers to discuss a "fair agreement." The response signals the country will only cut output if others do so and raises the question of whether the Trump administration is willing to cap America's own production to reach a global accord.Russia's response was arguably harsher. In his tweet, Trump said he had spoken to MBS, who had in turn spoken with Russian President Vladimir Putin. But a Kremlin spokesman, Dmitry Peskov, said the conversation hadn't happened and confirmed that no production cut had been agreed to with the Saudis.
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 (Bloomberg) -- Asian stocks looked poised to open higher following a volatile session in the U.S., with oil producers well supported after President Donald Trump said Russia and Saudi Arabia would cut production.The S&P 500 closed up 2.3% with energy shares the best performers, while consumer discretionary stocks lagged after jobless claims doubled from last week to 6.6 million. Futures in Japan and Australia climbed and U.S. contracts opened little changed in Asia. Treasuries retreated amid a slew of corporate supply. West Texas crude remained around $25 a barrel after surging 22% on Thursday, though the advance was pared as officials from both sides watered down expectations. The dollar pushed higher and yen and euro fell.With the coronavirus now infecting 1 million people and lockdowns for many economies around the world expected to go on for longer, economic data are showing the severity of the impact. Nearly 10 million people in the U.S. have lost their jobs in the past two weeks, more than were lost during the whole 2008-09 recession."We are not going to have the real recovery in the market until what we think is the peak in the amount of infections and deaths," Stephen Dover, head of equities at Franklin Templeton, said on Bloomberg TV. "We are going to continue to have very wide volatility until we can get over this uncertainty."These are the main moves in markets:StocksFutures on the S&P 500 were little changed as of 7:09 a.m. in Tokyo. The gauge ose 2.3% on Thursday.Futures on Japan's Ni
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President Trump invoked a Korean War-era law to help manufacturers secure supplies needed to make ventilators, as the federal stockpile of the medical devices was running dangerously low amid the coronavirus pandemic.
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President Trump's tweet fueled an energy industry revival.
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 President Donald Trump indicated on Thursday that the White House Coronavirus Task Force will be "coming out" with a nation-wide recommendation on wearing face masks.
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Oil prices skyrocketed after President Donald Trump told CNBC Saudis and Russia will ease pressure on oil, ending a price war that has contributed to crude's massive plunge.
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 Stocks closed higher on Thursday amid hopes that Saudi Arabia and Russia will curtail oil production, providing stability to energy markets roiled by the price war between the two crude exporters. The S&P 500 rose 2.2% to 2,527. The Dow Jones Industrial Average advanced 470 points, or 2.2%, to 21,413, based on preliminary numbers. The Nasdaq Composite was up 1.7% to 7,487. President Donald Trump said he expected Russia and Saudi Arabia to cut oil production by as much as 15 million barrels a day. Futures for a U.S. crude benchmark were up $5.01 to $25.32 per barrel on Thursday. The positive developments helped markets shrug off worrisome labor-market data. Some 6.65 million Americans filed for first-time jobless benefits in the week ending March 28, doubling the previous week's record rise of 3.28 million.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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 U.S. President Donald Trump on Thursday invoked the Defense Production Act to aid companies building ventilators for coronavirus patients to receive the supply of materials they need.
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 (Bloomberg) -- With just one tweet, U.S. President Donald Trump conjured up the prospect of a global oil alliance to rescue the industry from the worst shock in history. The question is whether it evaporates just as quickly.After the president's social-media intervention on Thursday, oil traders are frantically assessing whether Saudi Arabia, Russia and possibly even the U.S. -- the world's three biggest producers -- are poised to strike a once-unthinkable grand bargain to cut daily supplies in unison by 10 million to 15 million barrels.It's unclear whether it's feasible -- or even legal -- for such a coalition to come together. Or indeed whether it would be enough to tame the tsunami of unwanted crude now bearing down on world markets, which could be two to three times bigger than the cut touted by Trump."It's too little, too late," said Ed Morse, head of commodities research at Citigroup Inc. "Cuts are required immediately, and unless they happen, the price is going to go down significantly and force them to happen."There's no doubt that the industry could benefit from some intervention. With global oil demand slashed roughly a third by the coronavirus pandemic, a gusher of surplus crude threatens to overwhelm the world's storage tanks in a matter of months. The meltdown is exacerbated by the dispute between Moscow and Riyadh, prompting the Gulf kingdom to push unprecedented volumes of crude at customers in a tussle for market share.Texas Two-StepTrump's claim that the two belligerents are ready to end their pri
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