Oil prices fell on Friday, coming off their biggest one-day gains in the previous session after U.S. President Donald Trump said he had brokered a deal between Saudi Arabia and Russia to cut output, but made no offer to reduce U.S. production.

Brent crude futures fell 3%, or 9 cents, to $29.05 as of 0127 GMT, after having soared 21% on Thursday.

U.S. West Texas Intermediate (WTI) crude futures fell 5.2%, or $1.32, to $23.98 a barrel, after having surged 24.7% on Thursday.

Friday’s drop reflected market scepticism over whether a deal to call off a damaging Saudi-Russian price war would go ahead if there was no cooperation from other producers including the United States. Trump told reporters at the White House late on Thursday he had made no offer to cut U.S. output.

Source: Reuters