Oil prices fell on Friday, coming off their biggest one-day gains in the previous session, reflecting market scepticism about a deal US President Donald Trump said he had brokered between Saudi Arabia and Russia to cut output.
Brent crude futures fell 3.2 per cent, or 97 cents, to $28.97 per barrel as of 0636 GMT, after having soared 21 per cent on Thursday.
US West Texas Intermediate (WTI) crude futures fell 4.1 per cent, or $1.04, to $24.28 a barrel, after having surged 24.7 per cent on Thursday.
Analysts said it was hard to see a deal to call off the Saudi-Russian price war going ahead without the participation of other major producers, or whether any such deal could come quickly enough and be large enough to balance the market in the face of a deep economic recession caused by the coronavirus pandemic.
