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Oil down 3pc on fading hopes for output deal in Algiers NEW YORK: Oil fell 3 percent on Tuesday, wiping out gains from the previous session, as producing countries meeting in Algeria appeared less likely to agree on output cuts that would reduce a global glut and boost crude prices out of a two-year slump.The energy ministers of Saudi Arabia and Russia were to give a joint briefing later in the day in Algiers where OPEC and other oil producers were holding informal talks on the sidelines of the Sept 26-28 International Energy Forum. Saudi Energy Minister Khalid al-Falih told reporters the mood was positive and discussions were still on. "We will consult with everyone else, we will hear the views, we will hear the secretariat of OPEC and also hear from consumers," he said. Iranian Oil Minister Bijan Zanganeh sounded less committed, saying "it is not the time for decision-making". "We will try to reach agreement for November," Zanganeh said, ...
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