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MELBOURNE- Oil prices inched down on Friday, erasing some gains it initially acquired from its last session. Poor market activity was mainly from the output reduction deal that U.S. President Donald Trump signed with Saudi Arabia and Russia. However, the president showed no intention of cutting U.S. oil outputs.
Brent crude futures shed 9 cents, equivalent to 3%, and were quoted at $29.05. The contract reversed at exactly 0127 GMT after hitting a 21% increase on Thursday. U.S. West Texas Intermediate futures sunk down with a 5.2% loss after a positive 24.7% jump last trading session.
Friday’s weak session indicated that the market is anxious whether an agreement would be sealed since involved parties lack cooperation. The said arrangement is aimed at resolving the Saudi-Russian price war but Donald Trump publicized on Thursday his decision of not reducing U.S. oil production.