Crude Oil Prices Drop Further as Saudi Arabia Sees no Need for Holding Oil Summit to Shield Prices

Crude Oil Prices Drop Further as Saudi Arabia Sees no Need for Holding Oil Summi

On Friday, the crude oil prices fell further hovering for a weekly fall as the news broke that Saudi Arabia, the top oil exporter sees no requirement for a producer summit which would help discuss plans to defend the falling prices that had partly counterbalanced a strong rally in the earlier session.

On Thursday, sources close to the matter said that Saudi Arabia oil producers believe that a summit of heads of the oil producing countries would not produce any result for taking concrete action in the direction of defending the drop in oil prices.

The comments from the source came after meeting was held among the oil ministers of Gulf Arab with Qatar's emir in Doha, where a proposal from Venezuela to hold an OPEC and non-OPEC summit was mainly discussed.

October contract for Brent crude, the global oil benchmark, dropped to $48.84 per barrel or 5 cents at 0217 GMT. Later on Thursday it settled at $1.31 or 2.8 percent, at $48.89 per barrel. October contract for U.S. crude also fell 14 cents to $45.78 per barrel after it settled $1.77 up or four percent, at $45.92 per barrel.

On Thursday, the oil prices rallied based on a data released by the U.S. Energy Information Administration (EIA) which revealed that the gasoline demand in the past four-weeks had gone up almost four percent as compared to one year ago due to the optimistic late-summer motor fuel consumption.

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