Oil drops on Saudi Arabia's comments

Source: Reuters
© ScanPix/Reuters
Crude futures fell on Friday, following the weekly stockpiles report from the US, as well as the latest comments from Saudi Arabia. The OPEC's top oil exporter sees no need for an emergency producer meeting to defend oil prices. Futures for WTI were traded 1.81% lower at $45.10 per barrel, while Brent futures dropped 1.43% to $48.19 per barrel by 07:20 AM GMT. Meanwhile, crude inventories in the US grew by 2.57 million in the prior week.
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