Oil price falls 3% ahead of key OPEC meeting

Oil prices fell about 3% yesterday, paring weekly gains, on a report that Saudi Arabia did not expect an agreement at talks next week among major crude exporters aimed at freezing production.

Crude futures slumped after Bloomberg reported that Saudi Arabia did not expect a decision at next week’s OPEC meeting in Algiers, where the biggest oil producers are expected to convene.

Bloomberg cited a “delegate” as its source.