Having crashed by a record 66% in the first three months of the year, as the coronavirus destroyed demand and the world's biggest producers embarked on a catastrophic supply free-for-all, oil prices extended losses on Wednesday even after Trump said he discussed the collapse with his Russian and Saudi counterparts, adding that Moscow and the kingdom would "get together" to seek a solution.

However, as Goldman noted last night, any agreement to cut output is likely too late and would fall short of the loss in consumption, not that one is imminent mind you because after Trump's comments last night, on Wednesday Russia said it is not in talks with Saudi Arabia on oil market situation and President Vladimir Putin has no immediate plans to speak with Saudi Arabian leadership, though Moscow remains open for talks, Kremlin spokesman Dmitry Peskov tells reporters on conference call.

"Russian side traditionally welcomes mutual dialog and cooperation in order to stabilize energy markets" Peskov said adding that "our relations with Saudi Arabia remain on a high level. Of course, we may have certain disagreements, but in general our bilateral relations with SaudiArabia allow us to act effectively when there is such need."