Brent jumps 40% on Trump's tweet, Saudi Arabia's call for OPEC meeting

Oil prices surged today, after President Trump's tweet about the crude market, and Saudi Arabia calling for an OPEC-Plus meeting.

President tweeted that he has spoke to Saudi Crown Prince Muhammad bin Salman and discussed ways to balance the global energy market.

Trump emphasized that he expects Saudi Arabia and Russia to agree on cutting back about 10 million barrels per day.

Additionally, Saudi News Agencies reported that the Kingdom has called for an emergency meeting from the OPEC and non-OPEC producers led by Russia, to discuss the oil market current condition.

Many expect the meeting will lead to an output cut in coordination with all of the collation members, and consequently balance prices.

Brent June futures jumped 42.5% to trade at $35.2 a barrel as of 14:37 GMT, after hitting an intraday high of $36.2 and a low of $25.4.

West Texas Intermediate also climbed by 20% to $24.2 a barrel, with a high of $27.3 and a low of $20.7.