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While providing more details of the call between the US, Russian and Saudi Arabian leaders, TASS came out with the news suggesting the leaders’ determination to coordinate actions on the oil market.

Key quotes

‘Today, Russian President Vladimir Putin had a phone conversation with US President Donald Trump and Saudi Arabia King Salman bin Abdulaziz Al Saud,’ the Kremlin press service said in a statement.

The sides confirmed ‘determination to coordinate actions to stabilize the situation in the global oil trade and minimize the negative impact of volatile oil price quotations to the global economy.’

Market implications

With the Good Friday limiting market response to the news, WTI remains under pressure near $23.00 following the news.