The front-month October contract for Brent LCOc1, the global oil benchmark, shed 20 cents to USD 48.69 a barrel as of 0034 GMT after it previously settled up USD 1.31, or 2.8 percent, at USD 48.89 a barrel. The US crude October contract CLc1 also lost 29 cents to USD 45.63 a barrel after it settled up USD 1.77, or 4 percent, at USD 45.92 a barrel.
Saudi believes such a summit by oil producers 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's emir in Doha, at which a Venezuelan proposal for an OPEC and non-OPEC summit was discussed.
Gold clung to small overnight gains near USD 1,110 an ounce on Friday, but the metal was headed for a third consecutive weekly fall
as investors continued to fret over the timing of a looming US interest rate hike. FUNDAMENTALS
*Spot gold was little changed at USD 1,111 an ounce by 0025 GMT, after gaining 0.5 percent in the previous session.
*Earlier in the week, gold had fallen to USD 1,101.11, the lowest since Aug. 11. It has lost 1 percent for the week.
*US gold GCcv1, also headed for a third weekly dip, was trading at USD 1,110.40.
*Traders were awaiting the Federal Reserve's next policy statement on Sept. 17 for clues on the timing of a US interest rate rise, before taking any big positions in gold
*Concerns over slowing growth in China, mixed economic data and volatility in financial markets have increased uncertainty about the timing of a US rate increase, which had been expected as early as this month.
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