2018.03.2908:26:00UTC+00Crude Oil Flat Despite Reported Saudi-Russian Plan

Crude oil futures were flat Thursday morning even as OPEC's major players signalled a willingness to extend their supply quota plan with Russia beyond 2018.

Reuters reports Saudi Arabia and Russia are considering a plan that would have them coordinate on supply quotas for up to 20 years in hopes of boosting oil prices.

WTI light sweet oil was down 4 cents at $64.31 a barrel, having bounced between $60 and $66 this year.

Tensions between Iran and Saudi Arabia have put a floor under oil prices, as have supply interruptions from Libya and Venezuela.

At the same time, soaring U.S. production vis a vis the shale boom has put the ceiling on any rally.