Good news for Sasol shareholders – oil jumps on hopes price war will end; rand pushes R19/$

Battered Sasol shareholders could see some relief after the oil price jumped the most in a day since data was recorded. Russia has since denied talks of a truce with Saudi Arabia but if one couples the oil price jump with a currency that slipped below R19 against the dollar on Friday. It bodes well for the two factors that have historically shaped the petrochemical giant's share price, which jumped 30% over the past week. The group has also taken decisive action to significantly reduce net debt, through a cash generation plan targeting $6bn of cash conservation, further disposals and a potential rights issue up to $2bn. It's also good news for the Biznews Global Share portfolio, which started acquiring Sasol shares at the last webinar. – Stuart Lowman

Crude leaps more than 20% on hopes price war will end

By David Hodari and Sarah Toy

(The Wall Street Journal) – US oil prices jumped 25% Thursday in their biggest one-day rally on record, lifted by investors' hopes that initial steps to end a global price war will offer a reprieve to an industry battered by coronavirus.

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