US Treasury Sec. Mnuchin: Administration considering option of taking stakes in energy companies

"It can be assumed that the Trump administration is looking at the US government taking stakes in energy companies as one option," US Treasury Secretary Steven Mnuchin said on Friday.

"The administration is looking at several options to help the oil and gas industry," Mnuchin added. "Trump floats the idea of the US government buying fuel for the US in advance, as well as airline tickets in advance. The US has patrolled waterways for years and years so other countries can get rich with energy."

Meanwhile, US President Trump said Russia and Saudi Arabia could make further production cuts.

Market reaction

Crude oil prices rebounded slightly on these comments and the barrel of West Texas Intermediate was last seen rising 0.7% on the day at $17.25.