HONG KONG Crude prices slipped Friday after the previous day’s record surge as traders questioned Donald Trump’s claims that Russia and Saudi Arabia were set to slash output, while Asian equities were mixed after another thunderous rise in US jobless claims caused by the virus crisis. With the number of people with COVID-19 topping a million and the death toll continuing to climb, investors remain hostage to uncertainty as they try to gauge the long-term economic impact of the pandemic, which is widely expected to plunge the planet into recession. However, with trillions of dollars pledged in government support, the wild volatility that characterised markets at the start of the crisis has given way to some form of stability. And providing a much-needed shot in the arm Thursday was a tweet by Trump that said Moscow and Riyadh could slash output to end their vicious price war, which sent crude prices to neartwo decade lows last month. Trump said he had spoken to Saudi Crown Prince Mohammed bin Salman, who he claimed had spoken with Russian President Vladimir Putin. “I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!” said Trump. “Could be as high as 15 Million Barrels,” he added in a subsequent post.—AFP
