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TOKYO – Reuters: Oil prices fell on Friday, but they held onto most of the gains they 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.
In late Asian transactions, Brent crude fell 24 cents, or 0.6 percent, to $ 42.22 a barrel, after rising 1.7 percent the day before yesterday, while US crude fell 28 cents, or the equivalent of 0.7 percent, to $ 40.36 a barrel, after gaining 1.5 percent. In the previous session. However, the two benchmarks are on track to post 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 to slide later in the session after holding steady for most of the Asian session and during the debate.
Putin said yesterday that Russia does not see a need to change an agreement between major oil producers on reducing global supplies, but he did not rule out extending oil production cuts if market conditions justify this.
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.