Russia's Siluanov: Russia is prepared for a possible drop in oil prices

"Russia is a key player in OPEC and we haven't reached an agreement that we will continue controlling oil supplies," Russian Finance Minister Siluanov said on Thursday, per Reuters.

Siluanov further noted that Russia is prepared for a possible drop in crude oil prices.

Crude oil reaction

The barrel of West Texas Intermediate (WTI) remains under modest selling pressure following these comments and was last seen trading at $46.90, down 0.53% on a daily basis. In the meantime, the barrel of Brent was erasing 0.85% at $51.15.