Oil prices slipped on Tuesday

International benchmarks for oil prices dropped on Tuesday (23 Feb) after Saudi's oil minister reaffirmed the market that there will not be any production cut, speaking at Houston energy conference. He explained a freeze in output is more realistic due to not all oil producing countries will join the cut. Market is also expecting the the US Department of Energy to release a report on weekly petroleum inventories with increases.

WTI closed at   $31.87/b (-$1.52)
Brent closed at $33.27/b (-$1.42)

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