Brent oil falls on Saudi oil minister's comments

Brent Oil price ended lower on Tuesday after Saudi Energy Minister Khalid Al-Falih said there is currently no need to limit oil output.

"There is no need now to freeze production," said Al-Falih in an interview on Monday in Hangzhou, China. "It is among the preferred options, but it is not necessary today. The market is improving day by day." He added.

Analysts said his remarks dented market expectation for an immediate output freeze, weighing on the Brent oil price on Tuesday.

Meanwhile, U.S. oil for October, which did not settle on Monday due to the Labor Day holiday, inched up mildly on Tuesday.

The West Texas Intermediate for October delivery added 0.39 U.S. dollars to settle at 44.83 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery lost 0.37 dollars to close at 47.26 dollars a barrel on the London ICE Futures Exchange.

Source : XINHUA