As the specter of a production cut by OPEC and other global producers fades, U.S. crude slipped below $30 a barrel on Tuesday. March West Texas Intermediate crude lost $1.74 to end trade at $29.88 on the New York Mercantile Exchange. April Brent crude fell by $1.52 to finish its trading session on the London ICE Futures Exchange at $32.72 a barrel.
Hopes that OPEC countries and Russia would come to a production cut agreement faded even further Tuesday. Traders are looking toward the weekly crude supply report from the U.S. Energy Information Administration on Wednesday which is expected to show an increase.
March natural gas slipped 12.7 cents on Tuesday. The New York Mercantile Exchange contract settled at $2.025 per million British thermal units.
