[EN.ZAMANALWSL.NET] Crude oil prices fell on Friday as a stronger dollar, Soddy Arabia...a kingdom taking up the bulk of the Arabian peninsula. Its primary economic activity involves exporting oil and soaking Islamic rubes on the annual hajj pilgrimage. The country supports a large number of princes in whatcha might call princely splendor. When the oil runs out the rest of the world is going to kick sand in the Soddy national face...
's dismissal of a producer summit and a lower price forecast by Goldman Sachs weighed, with prices headed for a weekly loss despite rallying in the previous session.
October Brent, the global oil benchmark, decreased 51 cents to $48.38 a barrel as of 0659 GMT after it settled up $1.31, or 2.8 percent, at $48.89 on Thursday.
October U.S. crude futures lost 65 cents to $45.27 a barrel after it settled up $1.77, or 4 percent, at $45.92 a barrel.
Saudi Arabia believes a summit of heads of states of oil producing countries would fail to produce concrete action toward defending oil prices, sources familiar with the matter said on Thursday.
The comments followed a meeting of Gulf Arab oil ministers with Qatar
...an emirate on the east coast of the Arabian Peninsula. It sits on some really productive gas and oil deposits, which produces the highest per capita income in the world. They piss it all away on religion, financing the Moslem Brotherhood and several al-Qaeda affiliates...
's emir in Doha, at which a Venezuelan proposal for an OPEC and non-OPEC summit was discussed.
The U.S. dollar edged higher in Asian trading on increased chances of more easing in Japan. A firmer U.S. dollar makes oil more expensive for holders of others currencies.
Goldman Sachs forecast on Friday 2015 WTI prices at $48.10 per barrel from an earlier estimate of $52 per barrel. It also lowered the 2016 WTI price forecast to $45 per barrel from $57 per barrel earlier.
Goldman also predicted 2015 Brent prices at $53.70 per barrel from $58.20 per barrel earlier, while it saw 2016 Brent prices at $49.50 per barrel from $62 per barrel earlier.