Crude
futures settled with a sharp loss on Tuesday after Saudi Arabia’s oil
minister, Ali al-Naimi, shattered any hopes that producers would cut
back on output to help alleviate the world’s excess supplies.
April
West Texas Intermediate crude fell $1.52, or 4.6%, to settle at $31.87 a
barrel on the New York Mercantile Exchange. April Brent crude on
London’s ICE Futures exchange fell $1.42, or 4.1%, to $33.27 a barrel.
Source: Marketwatch
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