Russia not planning to hold talks with Saudi Arabia ahead of OPEC+ monitoring meeting

Russia currently has no plans to hold talks with Saudi Arabia ahead of next week's joint OPEC+ ministerial monitoring committee meeting, Reuters reported on Thursday, citing a Kremlin spokesperson.

Market reaction

Crude oil prices largely ignored this headline. As of writing, the barrel of West Texas Intermediate was trading at $40.75, losing 0.25% on a daily basis. Meanwhile, the barrel of Brent was virtually unchanged on a daily basis at $43.30.

On Wednesday, the weekly data published by the Energy Information Administration (EIA) showed that crude oil stocks in the US increased by 5.6 million barrels. Nevertheless, this figure had little to no impact on crude oil prices.