The oil price is under new pressure on Tuesday.
Brent April oil falling 4.4 percent to $ 32.72 a barrel, while WTI front contract goes back 4.0 percent to $ 30.37 a barrel.
Hope fades for an agreement on production cuts between OPEC and Russia.
Goldman Sachs believes Reuters cooperation between OPEC and Russia to cut production is “highly unlikely” and explains it that such an agreement will also inflict self harm, since higher prices will bring previously stopped production back to the market.
– It is difficult to see a successful agreement between OPEC and Russia, and people start to see it, says senior energy analyst Andy Sommer at Axpo Trading in sveitske Dietikon news agency.
– The United States will never respect
He estimates the chances as good that oil prices fall back below $ 30 this month.
Didier Houssin, chief of the French Institute for Petroleum and New Energies believes that an agreement will be OPEC’s main competitor, the United States, for good.
– US manufacturers will in no way respect some OPEC / Russia agreement, while they will be the first to take advantage of a price boost by increasing production, he said.
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