Oil slips amid doubts price war will end soon
Oil prices slipped Friday as doubts grew over US President Donald Trump’s claim that Russia and Saudi Arabia planned to end their price war, a day after posting their biggest ever percent increase.
US benchmark West Texas Intermediate was down 5.7 percent at $23.88 a barrel while Brent crude, the international benchmark, was off 2.7 percent at $29.11 a barrel.
On Thursday, Brent had soared almost 46 percent a barrel while WTI jumped around 35 percent after Trump tweeted that Saudi Arabia and Russia could slash production by up to 15 million barrels to end a vicious price war.
Oil markets have been in turmoil for weeks after top producer Riyadh cut prices amid a row with Moscow, and then demand all but evaporated due to lockdowns and travel restrictions to fight the spread of the coronavirus.
