Oil & Gas
Oil slumps 4 pct as no output deal expected for OPEC
Oil prices tumbled 4 percent on Friday on signs Saudi Arabia and arch rival Iran were making little progress in achieving preliminary agreement ahead of talks by major crude exporters next week aimed at freezing production, Reuters reports.
Also weighing on sentiment was data showing the United States was on track to add the most number of oil rigs in a quarter since the crude price crash began two years ago. Lower equity prices on Wall Street and other world stock markets was another bearish factor.
Brent crude futures settled down $1.76, or 3.7 percent, at $45.89 a barrel. For the week, it rose 0.3 percent, accounting for gains in the past two sessions.
U.S. West Texas Intermediate (WTI) crude futures fell $1.84, or 4 percent, to settle at $44.48. On the week, WTI gained 3 percent.
Crude futures slumped after sources said Saudi Arabia did not expect a decision in Algeria where the Organization of the Petroleum Exporting Countries and other big oil producers were to convene for Sept 26-28 talks.
Big Read |