Oil Caps Biggest Weekly Decline Since January on OPEC Doubts
- WTI slips 11% last six sessions to lowest level since Algiers
- Saudi former minister says OPEC can’t cut output by itself
Oil Caps Biggest Weekly Loss Since January
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Oil capped the biggest weekly loss in almost 10 months as hopes faded that OPEC will be able to implement a promised deal to cut production and ease global oversupplies.
Futures dropped 1.3 percent in New York, bringing the six-session decline to 11 percent. Prices closed Thursday at the lowest level since OPEC reached a preliminary accord in Algiers for the cuts, and extended losses Friday after Reuters reported that Saudi Arabia threatened to raise output if other members didn’t agree to cuts. Losses eased after OPEC Secretary-General Mohammed Barkindo said the kingdom didn’t make the threat.