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 CLJ6, -2.26% fell $1.52, or 4.6%, to settle at $31.87 a barrel on the New York Mercantile Exchange. April Brent crude LCOJ6, -1.32% on London’s ICE Futures exchange fell $1.42, or 4.1%, to $33.27 a barrel.
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