Russia not planning to boost oil output amid oversupply - official
Bloomberg reports, citing a Russian official on the matter
- Russia not holding oil talks with Saudi Arabia yet
The headline is a little comforting but it doesn't really address the supply glut issue in the market right now anyway. And the fact that both sides remain unwilling to talk to one another just means the current situation remains unchanged.
Oil continues to be pressured on the day, with WTI crude sitting around 1.5% lower and is flirting with a potential break back below the $20 handle.