US oil rig count falls by 3 to 351 in previous week: Baker Hughes

Oil prices fell more than 3 percent on Friday in thin trade as traders and analysts anticipated a meeting of major oil exporters would provide a floor for the market, but do little to help to clear global oversupply quickly. Oil producers led by top exporters Saudi Arabia and Russia will meet in Doha, Qatar on Sunday to discuss freezing output around current levels in an effort to contain a glut exacerbated by production that exceeds demand by about 1.5 million barrels a day. It would be the first joint action by major OPEC and non-OPEC producers in 15 years, although Iran has refused to participate, saying that it wants to ... READ MORE