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Oil weakens as Saudi sees no need for oil summit to defend prices

© Reuters. A customer prepares to fill up his tank in a gasoline station in Nice

By Meeyoung Cho

SEOUL (Reuters) - 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...