Business

Trump to Talk With Putin Nowadays to Speak about Plunging Oil Costs

(Bloomberg) — President Donald Trump said he’s planning to call Vladimir Putin on Monday to discuss Russia’s oil price war with Saudi Arabia and the global response to the coronavirus pandemic.

“Russia’s got a big problem with that too, with the virus, so we’ll be talking about that, but literally that’s my next call,” Trump said during an interview on “Fox & Friends.”

The U.S. president said he does not want to see the energy sector “wiped out” over low oil prices brought on by the conflict between Russia and Saudi Arabia.

Oil recovered some losses after tumbling to a 17-year low. West Texas Intermediate crude traded $1.12 lower at $20.39 a barrel at 9:04 a.m. in New York, after sinking as low as $19.92 earlier.

Trump’s view on the the dispute marks a shift from earlier this month, when he likened the plunge in oil prices to a “tax cut” for Americans.

(Updates with markets in fourth paragraph.)

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