Saudi-Russia Oil Deal

Futures in New York dropped below $41 a barrel, though the more global Brent benchmark's structure firmed on signs of tightness in physical markets.

On Thursday, oil staged its largest one-day rally in history on prospects for a cut in supply equivalent to anywhere from 10 per cent to 15 per cent of world demand.

Trump did not specify barrels per day (bpd), though the market expresses demand and supply in those terms

With Saudi Arabia and Russia set to flood the market with oil next month, producers and shippers have been scrambling to lock oil up in storage as demand falls.

Analysts do not expect oil prices to regain the nearly 25 per cent slump from Friday's close as the coronavirus outbreak cuts demand

A nearly 25% slump in oil prices triggered panic-selling and heavy losses on Wall Street's main stock indexes as the rapid spread of coronavirus amplified fears of a global recession

As confidence on equities declines, large oil producers may hesitate to loosen their purse strings, thereby impacting valuations too

State oil giant Aramco confirmed meeting took place but declined to give details

Saudi-Russia oil deal is full of holes