SINGAPORE (Reuters) – Oil prices fell on Friday, coming off their biggest one-day gains in the previous session, after U.S. President Donald Trump said he had brokered a deal between Saudi Arabia and Russia to cut output, but made no offer to reduce U.S. production.
Brent crude LCOc1 futures fell 3.27%, or 98 cents, to $28.96 per barrel as of 0335 GMT, after having soared 21% on Thursday.
U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 4.46%, or $1.13, to $24.19 a barrel, after having surged 24.7% on Thursday.
Friday’s drop reflected market scepticism over whether a deal to call off the Saudi-Russian price war would go ahead if the U.S. does not scales back output, and whether such a cut would be sufficient to balance the market in face of a deep economic recession caused by the coronavirus pandemic and draconian containment measures.
Trump said the two countries could cut output by 10 to 1