No need to worry about oil futures crash: Kremlin

There is no need to give any "apocalyptic coloring" to Monday's collapse of global oil futures prices, Kremlin spokesperson Dmitry Peskov said Tuesday.

The crash was caused by speculations associated with the closing date for May futures, Peskov told reporters.

He said that the situation with oil futures was "unpleasant" but the plunge did not affect spot prices as strongly.

If necessary, Russian authorities will use all available resources to mitigate the negative consequences of falling oil prices around the world for the domestic economy, Peskov said.

He added that in case of necessity, Russia will establish contacts within the Organization of the Petroleum Exporting Countries and other producers, but so far no decisions in this regard have been made.

On Monday, the price of U.S. West Texas Intermediate (WTI) oil contracts for May delivery, which expire on Tuesday, fell to negative levels, followed by a drastic fall of futures of Brent, the European benchmark blend.

The tumble reflects traders' attempts to get rid of contracts that would require them to take physical delivery of crude amid a decline in consumption caused by COVID-19, excess supply and dwindling storage space.