Oil futures fell on Friday, pressured by the possibility of a breakdown in the oil alliance between Saudi Arabia and Russia, as the market continues to worry that the spread of COVID-19 will slow energy demand.
Saudi Arabia is weighing a break in its alliance with Russia and holding talks with Kuwait and the United Arab Emirates to discuss a cut of as much as 300,000 barrels a day, The Wall Street Journal reported Friday. Saudi Energy Minister Prince Abdulaziz bin Salman, however, told Reuters that reports of a break are "nonsense."
April WTI oil fell 50 cents, or 0.9%, to settle at $53.38 barrel on the New York Mercantile Exchange. For the week, prices gained 2%, FactSet data show.