Despite a decision by major oil producers to cap production levels, crude prices fell on Tuesday. March West Texas Intermediate crude dropped 40 cents to settle at $29.04 a barrel on the New York Mercantile Exchange. On the London ICE Futures Exchange, April Brent crude fell $1.21 to end trade at $32.18 a barrel.
Saudi Arabia, Russia, Qatar, and Venezuela have agreed to cap oil production. While this is the first real sign that Saudi Arabia is willing to at least curb production growth, it wasn’t enough to counteract the growing worries over slowing demand.
March natural gas slipped on Tuesday by 6.3 cents to end trade on the New York Mercantile Exchange at $1.903 per million British thermal units.
