Oil slips in Asia after Saudi minister tempered expectations of output freeze

Oil prices retreated in Asia after the Saudi energy minister downplayed necessity of significant intervention in the oil market.

At the time of writing, Brent futures were down 16 cents or 0.32% at $49.50/barrel. WTI futures were down 14 cents or 0.32% at $47.23/barrel.

Saudi Arabian Energy Minister Khalid Al-Falih told Reuters late on Thursday that “we don’t believe any significant intervention in the market is necessary other than to allow the forces of supply and demand to do the work for us,” adding that the “market is moving in the right direction” already.

Comments poured cold water over expectations that major producers might announce an output freeze agreement at the emergency meeting scheduled in September.