Oil steady as Russia holds out prospect of output cut extension

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Oil prices held on to gains made on the previous session on Friday, after Russian President Vladimir Putin indicated he would be prepared to extend record supply cuts in the face of the COVID-19 pandemic.

Brent crude was off 1 cent at $42.45 a barrel by 0040 GMT having risen 1.7% on Thursday, while U.S. oil was 2 cents lower at $40.62, following a 1.5% gain in the previous session. Both contracts are heading for their first weekly loss in three.

His comments were the clearest indication so far from Russia, one of the world’s top oil producers, that it is prepared to extend unprecedented curbs on output to meet the demand slump caused by the pandemic. “Putin is reinforcing that Saudi/Russian unity is firmly intact and that they will continue to keep the oil prices firm,” said Edward Moya, senior market analyst at OANDA.

 

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Oil has been at $40 a barrel for 3+ months now and everyday you guys post oil is up because of Y/down because of X. Stfu already.

The news is that Biden will eliminate the American oil industry

President Tayyip Erdogan said that Europeans would not be able to walk safely on the streets if they kept up their current attitude toward Turkey, Does this mean that terrorism attack level is critical in European cities? ✅ StopErdogan SanctionTurk

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