Oil deal close US crude fell as much as 11% to $25.28 a barrel overnight before paring losses after the head of Russia's sovereign wealth fund said his government was close "very, very close" to reaching a deal with Saudi Arabia. Prices were last down 1.5% to trade around $27.91 a barrel. Brent crude — the global benchmark — fell 0.9% to $33.73 a barrel.
"I think the whole market understands that this deal is important and it will bring lots of stability, so much important stability to the market, and we are very close," said Kirill Dmitriev, CEO of the Russian Direct Investment Fund,
told CNBC.