Oil drops more than 3% amid fading hopes of output deal

Oil prices faced heavy pressure, with WTI falling back below $45 a barrel, amid reports suggesting little confidence on OPEC meeting next week.

Bloomberg reported that Saudi Arabia expects no decision among major crude exporters aimed at freezing production.at Algiers meeting. Rumors pushed prices sharply lower in a matter of minutes.

West Texas Intermediate crude oil fell 3.59% to $44.69 a barrel on Nymex, but so far it is holding onto a weekly gain.

Investors will be also watching US oil rig count report from Baker Hughes.