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TOKYO (Reuters) – Oil prices fell on Friday, though they maintained most of the gains from the previous session, after Russian President Vladimir Putin indicated he was prepared to extend record supply as COVID-19 cases 19 will increase in the United States and Europe. .
Brent crude was down 24 cents, or 0.6%, to $ 42.22 a barrel at 0634 GMT, after rising 1.7% on Thursday, while US oil was down 28 cents, or 0, 7%, to $ 40.36, after a gain of 1.5% in the previous session. Both contracts are heading for their first weekly loss in three.
There was no noticeable impact on prices immediately after the latest debate between US President Donald Trump and Democratic presidential challenger Joe Biden, although the latter’s clean energy plans put the spotlight on oil companies and stocks. .
Prices started to fall later in the session after holding steady for most of the Asian trading day and throughout the debate.
Putin said on Thursday that Russia does not see the need for major oil producers to modify an agreement to cut global supply, but did not rule out extending oil cuts if market conditions warranted it.
His comments were the clearest indication yet from Russia, one of the world’s leading oil producers, that it is prepared to extend unprecedented restrictions on production to meet the drop in demand caused by the pandemic.
“Heading into the weekend, what people are seeing are two things: disappointing real-time demand data like a new wave of COVID-19 … and the impending OPEC / non-OPEC production decision by the end of next. month, “Mark said. Finley, a senior fellow in global oil and energy at Rice University’s Baker Institute for Public Policy.
Russia has teamed up with the Organization of Petroleum Exporters (OPEC), in a grouping known as OPEC +, to carry out the production cuts that are due to be lifted by the end of the year.
The rising number of new COVID-19 infections in Europe and the US is likely to keep prices in check, analysts say, with new coronavirus restrictions suggesting increased pressure on fuel demand.
Several U.S. states reported record daily increases in infections Thursday, further evidence that the pandemic is accelerating as colder weather takes hold in many parts of the country.
France extended curfews for roughly two-thirds of the country’s population, while Belgium’s foreign minister was transferred to intensive care with COVID-19, as the second wave of the pandemic swept across Europe.
Reporting by Aaron Sheldrick; Editing by Shri Navaratnam and Michael Perry
