Oil price falls as Saudis quit talks

Saudi Arabia pulled out of planned talks with non-Opec nations including Russia as disagreements about how to share the burden of supply cuts stood in the way of a deal to boost prices just days before a make-or-break meeting in Vienna.

In late European trade, Brent crude fell 1.8% to $48.13 a barrel. Organization of the Petroleum Exporting Countries (Opec) officials were scheduled to meet with non-members including Russia on Monday before a ministerial meeting in Vienna two days later.

Instead, the group called another internal meeting to try to resolve its own differences, particularly the question of whether Iran and Iraq are willing to cut production, said two delegates, asking not to be identified because the talks are sensitive.