Oil prices slid on concerns over the global oil oversupply. Saudi Arabian Oil Minister Ali Al-Naimi said on Tuesday that the country was not ready to cut its oil output.
Iranian Oil Minister Bijan Namdar Zanganeh said the initiative to freeze the oil production at January level is unrealistic demand on Iran. Iran plans to boost its oil output.
Market participants are awaiting the release of U.S. crude oil inventories data. The American Petroleum Institute (API) is scheduled to release its U.S. oil inventories data later in the day, and U.S. oil inventories data from the U.S. Energy Information Administration is expected on Wednesday.
WTI crude oil for April delivery decreased to $31.75 a barrel on the New York Mercantile Exchange.
Brent crude oil for April rose to $33.29 a barrel on ICE Futures Europe.