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Oil retreats as markets doubt Saudi-Russia deal

Oil retreats as markets doubt Saudi-Russia deal
Crude prices down after they soar 16% on expectations for oil output cut from Riyadh, Moscow

By Ovunc Kutlu

ANKARA (AA) - Crude oil prices started on a lower note on Friday with a retreat from previous session's highs when U.S. President Donald Trump said he was hoping and expecting Saudi Arabia and Russia to cut back on their oil production levels.

Markets are wary on the possible effects of such a deal as a cut of 10 to 15 million barrels of oil per day, which may come solely from Russia and Saudi Arabia, will not be enough to sweep the glut form an already saturated market.

International benchmark Brent crude was trading at $24.85 per barrel at 0541 GMT for a 4.27% loss after closing Thursday at $25.96 a barrel.

American benchmark West Texas Intermediate was at $23.73 a barrel at the same time for a 2.98% decline after ending the previous day at $24.46 per barrel.

Trump announced Thursday on his social media account that he spoke with Saudi Crown Prince Mohammad bin Salman and Russian President Vladimir Putin, adding he is hoping and expecting that the two countries would lower their oil production levels between 10 to 15 million barrels per day.

However, Kremlin spokesman Dmitry Peskov later refuted Trump's claim that Putin and bin Salman discussed oil markets with the American leader.

After Trump's tweet, Brent crude rose to as high as $30.86 per barrel on Thursday to finish the day with a 16.57% gain, while WTI climbed as much as $26.94 a barrel to close the session with a 16.37% increase.

source: News Feed
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