Oil, shares slip on doubts over Saudi-Russia deal

Oil prices retreated on Friday after massive gains, while stocks in Asia edged down, as doubts grew over an oil price deal between Saudi Arabia and Russia that U.S. President Donald Trump said he had brokered.

Trump said on Thursday he had spoken to Saudi Crown Prince Mohammed bin Salman, and expects Saudi Arabia and Russia to cut oil output by as much as 10 million to 15 million barrels, as the two countries signalled willingness to make a deal. "He is a business man and smart enough to know these things. A cut of 10-15 million barrel per day would be simply impossible," said Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley Securities.

More evidence of the damage from widespread stay-at-home orders to contain the spread of coronavirus emerged in the United States, with an unprecedented number of workers - 6.6 million - filing jobless claims. Highly rated U.S. corporate bond issuers raised a record US$110.502 billion this week, according to Refinitiv IFR data, as firms borrowed cash in fear the coronavirus crisis may soon limit their access to capital markets.

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