Russia: Not holding talks with Saudi Arabia on oil markets at the moment

The Russian government is not holding talks with Saudi Arabia on oil markets at the moment, a Kremlin spokesperson said on Wednesday. "Talks with Saudi Arabia could be set up in a timely manner if necessary," the spokesperson added. 

Earlier in the session, a spokesperson for Russia's Energy Ministry noted that the slump in the demand and the oversupply on the oil market was creating risks in the longer term. 

Market reaction

The barrel of West Texas Intermediate (WTI) largely ignored these headlines and was last seen trading at $20.25, adding 0.75% on a daily basis.