Off the wire
• U.S. dollar falls on downbeat data  • Irish FinMin proposes amendments to close tax loophole  • S. Africa's economy resilient: President Zuma  • U.S. service sector activity cools in August  • 1st LD Writethru: UN Security Council condemns DPRK ballistic missile launches  • Nasdaq closes at record high amid economic data  • U.S. rock band Jane's Addiction to give concert in Cuba  • AU, UN determined to work together on South Sudan peace: official  • News Analysis: Trump, Hillary begin final stretch in 2016 race to White House  • Tanzanian vice president refutes resignation reports  
You are here: 　 Home

Brent oil falls on Saudi oil minister's comments

Xinhua, September 7, 2016 Adjust font size:

Brent Oil price ended lower on Tuesday after Saudi Energy Minister Khalid Al-Falih said there is currently no need to limit oil output.

"There is no need now to freeze production," said Al-Falih in an interview on Monday in Hangzhou, China. "It is among the preferred options, but it is not necessary today. The market is improving day by day." He added.

Analysts said his remarks dented market expectation for an immediate output freeze, weighing on the Brent oil price on Tuesday.

Meanwhile, U.S. oil for October, which did not settle on Monday due to the Labor Day holiday, inched up mildly on Tuesday.

The West Texas Intermediate for October delivery added 0.39 U.S. dollars to settle at 44.83 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery lost 0.37 dollars to close at 47.26 dollars a barrel on the London ICE Futures Exchange. Enditem