The Traderszone Network

Published in TZ Latest News 10 September, 2015 by The TZ Newswire Staff

Oil weakens as Saudi sees no need for oil summit to defend prices

Crude oil prices dipped on Friday and were poised for a weekly fall after news that top oil exporter Saudi Arabia sees no need for a producer summit to defend prices, partly offsetting a strong rally in the previous session. The front-month October contract for Brent, the global oil benchmark, shed 5 cents to $48.84 a barrel as of 0217 GMT after it settled up $1.31, or 2.8 percent, on Thursday at $48.89 a barrel.

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