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