No jawboning from Russian deputy finance minister

Russian deputy finance minister Kolychev is on the wires with some less-than-enthusiastic talk about oil. He said prices are likely to stay in the $40-$50 range for 5-7 years. In addition, he said risks are that prices could fall below $40 and that it's hard to say if the OPEC deal will help the market rebalance.

The market is certainly voting for the downside today. Brent is down $1.95 to $49.89.