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Brent and NYMEX descend in Asia

On Monday, oil prices dipped in Asia as traders noted Saudi Arabia doesn’t see the need for a big effoers by key producers on output, thus driving oversupply concerns.

In New York, October delivery crude futures sagged 1.18%, trading at $47.08 a barrel. Meanwhile, in London, October delivery Brent crude futures sank 1.18% being worth $47.08 per barrel.

Overnight, crude futures dared to hold on to modest revenues on Friday, though suffered a dip for the week after the Saudi energy minister shrugged off the necessity for OPEC to intervene to stabilize energy markets.

Reuters posted late on Thursday that Saudi Arabia's Energy Minister Khalid al-Falih told the news agency in his interview that from his point of view any huge intervention in the crude market is useless.

His reported comments arose ahead of an informal gathering of the Organization of the Petroleum Exporting Countries in Algeria late next month, during which key oil producers are supposed to discuss a potential production freeze.

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