After Russian President Vladimir Putin’s assurance of supporting the extended record supply cuts, the oil price on Friday steadied and displayed some strength after falling for consecutive days.
Brent crude and WTI showed some initial resistance on Friday and performed better than expected in the market.
Interestingly, on Thursday, Putin had said that Russia supported the deal of major oil producers going for oil supply cut globally to mitigate the falling rate of the liquid commodity. On conditions, he agreed to extend oil cuts.
However, he resisted the altercation of supply cut by oil producers. The statement cleared the air that one of world’s top producer of oil Russia could go to lengths to stable the demand-supply requirement, which was distorted by the ongoing pandemic.