Oil Ends Week on Rebound as Saudis Try to Dispel Russia's Qualms
- OPEC should extend output cuts this month, Saudi Minister says
- Russia is said to hesistate on whether decision is needed now
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Oil ended the week on a rebound as Saudi Arabia moved to dissipate doubts that Russia is ready to extend output curbs.
Futures rose 2.6 percent in New York on Friday after Saudi Arabia’s Energy Minister Khalid Al-Falih said OPEC should announce an extension of the cuts when it meets on Nov. 30. But that wasn’t enough to completely erase losses from the past few days, when uncertainty over a deal and surging U.S. production set the tone. Prices were 0.3 percent lower for the week, snapping the longest streak of weekly gains in a year.