Oil prices fell after a 10% increase

US, WASHINGTON (ORDO NEWS) — Oil prices fell on Friday after a 10% increase during the session, as the coronavirus epidemic questioned the prospects for demand, and Moscow rejected the need for U.S. President Donald Trump to intervene in Russia’s price war with Saudi Arabia.

Brent futures were down 1.04% to $ 27.43 a barrel from 18.37 UTC. Brent per week may lose more than 16% of the cost.

Futures for light US crude WTI fell 9.9% to $ 22.72. The futures contract expires on Friday. The more active May contract for WTI fell 7.9% to $ 23.86.

US President Donald Trump said Thursday that he would intervene in the price war between Saudi Arabia and Russia in the oil market at “the right time,” adding that low fuel prices are favorable for US consumers, although they are harmful to the industry.

However, the Kremlin said Friday that Russia and Saudi Arabia have good relations with regard to oil markets, and Moscow does not need anyone else to intervene.

 

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