Oil steady as Russia holds out prospect of output cut extension

TOKYO: 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.