Oil futures on Thursday ended at their lowest in about two weeks, pressured after the Financial Times reported that Saudi Arabia was ready to abandon its $100-a-barrel price target as it prepares to increase production in a bid to take back market share.

Saudi Arabia is preparing to abandon its unofficial price target of $100 a barrel for crude as it prepares to increase output, the Financial Times reported on Thursday, citing people familiar with the matter.

Oil prices are back in the spotlight, perhaps for not the best reasons. Saudi Arabia, the world’s largest crude oil exporter, is set to increase production in December, abandoning its previously pursued $100 per barrel price target.

DUBAI (Reuters) - Saudi Arabia has formed a global alliance to push for a two-state solution to the Israeli-Palestinian conflict, the country's foreign minister Prince Faisal bin Farhan Al Saud said on Thursday on the sidelines of the United Nations General Assembly meeting in New York.