Once again Saudi Arabia rejects plans to cut or freeze production so crude prices fell on Tuesday. April West Texas Intermediate crude lost $1.52 to end trade at $31.87 a barrel on the New York Mercantile Exchange. April Brent crude also fell. The London ICE Futures Exchange contract fell by $1.42 to settle at $33.27 a barrel.
During the IHS CERAWeek conference being held in Houston, Texas, Saudi oil minister Ali al-Naimi said he sees production cuts as a waste of time. He believes the markets will rebalance and crude prices will rebound.
March natural gas contracts dropped on Tuesday as well on the New York Mercantile Exchange. The contract was down by 3.9 cents to end the day at $1.782 per million British thermal units.
