NEW YORK: Oil fell on Tuesday, with US crude briefly slipping below $30, dented by worries about demand amid a mild winter and concerns of rising supply as hopes for a deal between Opec and Russia on output cuts fade.
Brent for April delivery was down $1.09 at $33.15 a barrel by 10:57am EST (1557 GMT), after touching a low of $32.23, down 5.9pc, in the session.
The front-month contract for US West Texas Intermediate was down $1.18 at $30.44 per barrel after falling to as low as $29.81.
The oil market rallied for four straight days last week after Russia’s Energy Minister said Opec kingpin Saudi Arabia suggested a production cut to tackle one of the worst supply gluts in history.
Industry watchers have been sceptical of a deal, particularly as Iran looks to boost production and market share after the lifting of sanctions.
Courtesy : Dawn News