Crude Oil Drops But Posts Back-to-back Weekly Gains Ahead Of OPEC Meeting

By MarketWatchMarketsMarketWatch Pulse

Crude oil futures prices fell Friday ahead of next week's potential production cut at a meeting of the Organization of the Petroleum Exporting Countries. West Texas Intermediate crude fell $2.02, or 4.2%, at $45.93 a barrel. Expectations for an output cut have been building, with Saudi Arabia backing a reduction of over 1 million barrels to 32.5 million barrels a day, but uncertainty for broader agreement persists. Even with Friday's price drop, the contract recorded a 0.5% weekly gain, marking back to back weekly gains.

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