Russia, Mexico, Venezuela and Saudi Arabia will ‘monitor prices for a year’

-Comment from Rosneft CEO. That doesn’t sound like action but the market is still awaiting a formal statement from those four nations.

Oil down $0.50 in a flash on the headlines.

Update: Venezuelan officials agreed with Russia, Mexico and Saudi to keep in contact, meet again in 3 months. Venezuela also says it did not agree to any output cuts.