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International benchmarks for oil prices dipped lower on Tuesday (29 March) as market expected report on the US commercial crude inventories would show another increase, driving trader's attention back to the excessive supply condition. Besides, Kuwait announced that they would resume production at the Khafji oil field which produces 300,000 barrels per day and spurring questions about the meeting between major oil producers to freeze output.  Analysts are increasingly pessimistic about the outcome of this meeting citing Iran and Libya growth in production would offset the decline in output elsewhere.

WTI closed at   $38.28/b (-$1.11)
Brent closed at $39.14/b (-$1.13)

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