Oil ended Friday little changed as Russia’s energy minister said it’s too early to discuss extending an output-reduction deal, reducing optimism a day after Saudi Arabia indicated that a rollover to the second half of the year is a near certainty.
Saudi Arabia is ready to extend the cuts if supplies stay above the five-year average, Energy Minister Khalid Al-Falih said Thursday on Bloomberg Television. Russian Energy Minister Alexander Novak said that OPEC and its partners should decide in late April or mid-May whether to continue curbs. OPEC members exceeded their pledged cuts in February, two delegates said. Crude posted the first weekly gain since February.