Oil Drops as Saudi Arabia Says It Won’t Back OPEC Meeting

Oil prices slumped Friday and eyed a sizable drop for the week, pressured by news that Saudi Arabia doesn’t back holding an emergency OPEC meeting aimed at stopping crude’s slide.

Crude futures for delivery in October slid by 79 cents, or 1.7%, to $45.13 a barrel, putting the U.S. oil benchmark on pace for a weekly fall of 2%. Brent crude retreated by 76 cents, or 1.6%, to $48.13 a barrel, leaving it down 3% for the week.

Saudi leaders think a meeting of the Organization of the Petroleum Exporting Countries wouldn’t result in concrete action toward defending oil prices, said a Reuters report citing unnamed sources. Venezuela has pushed for such a meeting. News of Saudi Arabia’s stance comes after Arab oil ministers discussed Venezuela’s suggestions in Qatar, the Reuters report said.

Traders also await a monthly report on the oil market from the International Energy Agency that’s expected later Friday. On Thursday, the U.S. crude benchmark rallied 4% as expectations for further declines in U.S. production helped offset a bigger-than-expected weekly increase in domestic crude supplies.

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