REUTERS

Oil prices held on to gains made on the previous session on Friday, after Russian President Vladimir Putin indicated he would be prepared to extend record supply cuts in the face of the COVID-19 pandemic.

Brent crude was off 1 cent at $42.45 a barrel by 0040 GMT having risen 1.7% on Thursday, while U.S. oil was 2 cents lower at $40.62, following a 1.5% gain in the previous session. Both contracts are heading for their first weekly loss in three, as reported by Reuters.

Read alsoUkraine triples gas transit to Hungary – GTS operatorPutin said on Thursday that Russia did not see a need for major oil producers to alter a deal on cutting global supply, but did not rule out extending oil cuts if market conditions warranted.

His comments were the clearest indication so far from Russia, one of the world's top oil producers, that it is prepared to extend unprecedented curbs on output to meet the demand slump caused by the pandemic.

Russia has allied with the Organization of the Petroleum Exporters (OPEC) led by Saudi Arabia in making the cuts to production that are due to be lifted at the end of year.