WTI oil prices slid again Tuesday to settle under $30 a barrel, as expectations for cuts in crude output from major producers faded and the market readied for weekly data that are expected to show a hefty increase in U.S. supplies.Gasoline was the biggest loser, plunging close to 8% to settle at its lowest level since late 2008, as the recent blizzard in the East was seen contributing to lower demand and an expected fresh record in U.S. stockpiles of the fuel.
March West Texas Intermediate crude CLH6, -0.84% fell $1.74, or 5.5%, to settle at $29.88 on the New York Mercantile Exchange. That was the lowest settlement since Jan. 21. The April contract for Brent crude LCOJ6, -0.58% fell $1.52, or 4.4%, to $32.72 a barrel on London’s ICE Futures exchange, for its lowest finish in about a week.
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