Prices have fallen Oil Today, Friday, however, it held on to most of the gains it made in the previous session after Russian President Vladimir Putin indicated that he was ready to extend record cuts to supplies at a time when COVID-19 infections rose in the United States and Europe.
Brent crude fell 24 cents, or 0.6%, to $ 42.22 a barrel by 0634 GMT, after rising 1.7% on Thursday, while US crude fell 28 cents, or 0.7%, to $ 40.36 a barrel after it had gained 1.5% in the previous session. The two benchmarks are on track to make their first weekly loss in three weeks.
The final debate between US President Donald Trump and his Democratic rival, Joe Biden, did not have a tangible effect on prices immediately, although the latter’s clean energy plans shed light on oil companies and stocks.
Prices began falling later in the session after holding steady for most of the Asian session and during the debate.
Putin said on Thursday that Russia did not see a need to change an agreement between major oil producers on cutting global supplies, but he did not rule out extending oil production cuts if market conditions justify it.
Putin’s statements are the most clear yet from Russia, one of the world’s largest oil producers, on its willingness to continue unprecedented production cuts in the face of declining demand caused by the Coronavirus pandemic and glut of production.
In the context, Russian Energy Minister Alexander Novak told the Russian State Duma, the lower house of parliament, on Friday that exports are expected to decrease Oil Russian Federation in 2020 increased by 16.4 percent compared to last year, to 225 million tons.
He added that Russia’s oil production this year is expected to reach 507 million tons, down from a planned level of 558-560 million tons.
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