Traders Dumped Oil as Russia Signaled It’s Ready to Live With Prices at US$40/bbl

Both crude oil benchmarks were pressured below US$50/bbl ahead of the US session on Friday. Energy prices climbed higher on early trading Thursday as US crude oil inventory recorded another week of decline. Gains were, however, paired later in the day as US production remained elevated and Russian oil minister indicated that the country can accept oil price as US$40/bbl. The front-month WTI crude oil contract initially rose to 49.17 before ending the day at 48.36, up +0.08%.