21 Apr 2020 13:18

Collapse in prices for May oil futures is speculative, not a doomsday scenario - Peskov

MOSCOW. April 21 (Interfax) - The collapse in prices for May oil futures that occurred on April 20 is speculative, Kremlin spokesman Dmitry Peskov said on Tuesday during a conversation with reporters.

"Of course, we are monitoring the changes in oil prices very closely," Peskov said.

"Prices for May oil futures collapsed yesterday. Oil prices were in negative territory. As for this pandemonium with futures, it is absolutely such a speculative moment, a purely trading moment, which was connected with the closing date of futures trading for May. And, of course, this does not need to be given any 'apocalyptic tinge," the spokesman said.

"All experts are well aware that this is not a reason for some overly negative assessments of the current reality, because although oil prices are not demonstrating a positive trend, they are not subject to such landslide changes as futures were affected," Peskov explained. "This situation is unpleasant; however, it does not need to be associated with the current changes in oil prices today."

"What is most important here is that our government and our leadership have all the necessary reserves for cushioning the negative consequences of such international volatility for our economy. And, of course, if necessary, all these resources that are at our disposal will be used," Peskov said.