MANTHANTIPS:- Brent, NYMEX down in Asia as Saudi views weigh on supply picture
Crude prices dropped in Asia on Monday as investors noted Saudi Arabia does not see the need for a major efforts by global producers on output, fanning oversupply concerns. On the New York Mercantile Exchange, crude oil for delivery in October dropped 1.18% to $47.08 a barrel. On the ICE Futures Exchange in London, Brent oil for October delivery fell 1.18% to $47.08 a barrel. Overnight, oil futures managed to hold on to modest gains on Friday, but suffered a decline for the week after the Saudi energy minister shrugged off the need for OPEC to intervene to stabilize markets. Reuters reported late Thursday that Saudi Arabia’s Energy Minister Khalid al-Falih told the news agency in an interview that he does not believe any “significant intervention” in the oil market is necessary. His reported comments come ahead of an informal meeting of the Organization of the Petroleum Exporting Countries in Algeria late next month, during which major oil producers are expected to discuss a potential output freeze.