Oil futures fell around 2% on Wednesday on concerns that a producer meeting planned for Sunday could fail to rein in ballooning overproduction, while a stronger dollar also weighed on fuel markets, Reuters reported.
As of 0716 GMT, Brent crude LCOc1 had dropped 78 cents to $43.90 a barrel, or 1.7%, after hitting a four-month high in the previous session, when it settled up $1.86, or 4.3%, according to Reuters.
U.S. crude CLc1 declined 83 cents, or 1.97%, to $41.34 a barrel after gaining $1.81, or 4.48%, the day before.
It is noted that comments by oil minister Ali al-Naimi in the Saudi-owned al-Hayat newspaper in which he re-confirmed his country`s position that an outright production cut, as demanded by some producers, was out of the question also weighed on markets, traders said.
”Forget about this topic,” al-Naimi told the paper, when asked about any possible reduction in his country`s production, Reuters writes.
There was also a report that Iran would only send a government representative and not its oil minister to the producer gathering.
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