Oil down 3 percent as Saudis say no chance for Algiers deal

By Barani Krishnan

NEW YORK (Reuters) - Oil fell 3 percent on Tuesday after Saudi Arabia said it did not expect to agree on output cuts at a meeting with other producers in the Algerian capital, although a production freeze deal was still possible later in the year.

Saudi Energy Minister Khalid al-Falih told reporters in Algiers, where OPEC and other oil producers had gathered for the Sept 26-28 International Energy Forum, that Iran, Libya and Nigeria should be allowed to produce at maximum levels seen in recent history.

Brent crude futures fell $1.62, or 3.4 percent, to $45.73 a barrel by 2:07 p.m. EDT (1807 GMT).

 

U.S. West Texas Intermediate (WTI) crude dropped $1.55, or 3.4 percent, to $44.38.

(Additional reporting by Libby George and Swetha Gopinath in London and Keith Wallis in Singapore; Editing by Susan Fenton and David Gregorio)