Oil prices fell in early trade on Friday, after surging more than 20% in the previous session following comments from US President Donald Trump that he was brokering a deal between Saudi Arabia and Russia to cut output.

Brent fell 3.27%, or 98 cents, to $28.96 per barrel as of 3:35 am GMT, after having soared 21% on Thursday, while US West Texas Intermediate, in early trade, shed 4.46%, or $1.13, to $24.19 per barrel, having surged 24.7% in the previous session.