Oil falls as Russia needs time on more OPEC+ cuts - Reuters

Oil falls as Russia needs time on more OPEC+ cuts - Reuters:

Oil prices slipped on Friday as Russia said it would need more time before committing to output cuts along with OPEC and other producers amid falling demand for crude as China battles the coronavirus epidemic.

Brent crude LCOc1 futures fell 49 cents, or 0.9%, to $54.44 a barrel by 1305 GMT, and were heading for a fifth weekly loss due to persistent concerns over the impact of the virus.

U.S. West Texas Intermediate (WTI) crude CLc1 futures were down 53 cents, or 1%, at $50.42 a barrel, also heading for a fifth consecutive week of losses.

Russian Foreign Minister Sergei Lavrov said on Thursday that Moscow supported cooperation with other producers, in remarks which appeared to boost prices in early trading.