Crude oil prices dipped on Friday and were poised for a weekly fall after news that top oil exporter Saudi Arabia sees no need for a producer summit to defend prices, partly offsetting a strong rally in the previous session. The front-month October contract for Brent, the global oil benchmark, shed 5 cents to $48.84 a barrel as of 0217 GMT after it settled up $1.31, or 2.8 percent, on Thursday at $48.89 a barrel. The U.S. crude October contract also lost 14 cents to $45.78 a barrel after it settled up $1.77, or 4 percent, at $45.92 a barrel. Saudi believes a summit of oil producing countries’ heads of states would fail to produce concrete action toward defending oil prices, sources familiar with the matter said on Thursday. The comments followed […]