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Russian central bank (CBR) chief Elvira Nabiullina on Friday explained that the CBR was involved with the Russian government over oil deal negotiations with the Organization of the Petroleum Exporting Countries (OPEC).

“The drop in oil prices is exacerbated by the coronavirus outbreak,” Nabiullina added. “It is important for us to be ready for any development in the oil market.”

Crude oil reaction

The barrel of West Texas Intermediate (WTI) erased a large portion of its early gains and was last seen trading at $25.25, adding 1.15% on the day.