Crude oil futures ended lower on Tuesday, extending their previous session’s losses, as traders bet that Organization of the Petroleum Exporting Countries and its allies (OPEC+) will decide later this week to restore some output in April. OPEC+ will hold a committee meeting Wednesday to offer a recommendation on production levels, and the group will hold its main decision-making gathering on Thursday. OPEC+ could discuss allowing as much as 1.5 million barrels per day (bpd) of crude back into the market. Previously, Saudi Arabia has said that it will start to increase production in April.
Crude oil futures for April declined 89 cents or 1.5 percent to settle at $59.75 barrel on the New York Mercantile Exchange. May Brent crude fell 99 cents or 1. 6 percent to settle at $62.70 a barrel on London's Intercontinental Exchange.