Oil Price - Sept 23

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The roller coaster ride continues.

Oil prices fell about 3 percent on Friday, paring weekly gains, on a report that Saudi Arabia did not expect an agreement at talks next week among major crude exporters aimed at freezing production.

Crude futures slumped after Bloomberg reported that Saudi Arabia did not expect a decision at Algiers, the capital of Algeria where the biggest oil producers are expected to convene next week for talks, traders said. Bloomberg cited a "delegate" as source, said traders who saw the report.

Earlier in the session, Brent and WTI were headed for their largest weekly gain in more than a month, reacting to a Reuters report that Saudi Arabia has offered to reduce production if rival Iran caps its own output this year. The Reuters report was based on sources who were familiar with discussions between the two sides.

Traders also reacted to the increase in the active rig count reported by Baker Hughes.