Oil prices settled lower Tuesday, a day after hitting their highest settlements of the year.
April West Texas Intermediate ended trading at $36.50 a barrel, down $1.40, or 3.7%, on the New York Mercantile Exchange after tapping highs above $38 earlier.
May Brent crude on London’s ICE Futures exchange slid down $1.19, or 2.9%, to $39.65 a barrel.
Growing doubts over the potential for an output freeze has placed crude prices under pressure. Both benchmarks on Monday marked their highest settlements of the year.
The oil market is “still in the midst of a rebalancing process and right now, traders are looking for more data to support” the recent rally, said Secular Investor analysts.
April natural gas ended at $1.712 per million British thermal units, up 2.2 cents, or 1.3%.
