NEW YORK (Reuters) - Oil fell 3 percent on Tuesday after Saudi Arabia said it did not expect to agree on output cuts at a meeting with other producers in the Algerian capital, although a production freeze deal was still possible later in the year.
Saudi Energy Minister Khalid al-Falih told reporters in Algiers, where OPEC and other oil producers had gathered for the Sept 26-28 International Energy Forum, that Iran, Libya and Nigeria should be allowed to produce at maximum levels seen in recent history.
Brent crude futures <LCOc1> fell $1.62, or 3.4 percent, to $45.73 a barrel by 2:07 p.m. EDT (1807 GMT).
U.S. West Texas Intermediate (WTI) crude <CLc1> dropped $1.55, or 3.4 percent, to $44.38.
(Additional reporting by Libby George and Swetha Gopinath in London and Keith Wallis in Singapore; Editing by Susan Fenton and David Gregorio)