Crude prices were down Tuesday as hopes for production cuts from major producers faded and investors focused back in on the weak fundamental factors underpinning the oil markets. The global crude benchmark Brent fell 1.66% at $33.67 a barrel for April loading while its U.S. counterpart West Texas Intermediate was down 1.93% at $31.00 for March deliveries on the New York Mercantile Exchange. The prospect of Russia agreeing a deal with major producers from the Organization of the Petroleum Exporting Countries is considered unlikely by most market observers, with several banks and think tanks expressing doubts that it will happen. “Most petro-nations are starving for cash and the incentives are set to produce rather more than less, not least as Iranian barrels are returning to the market, ” said Norbert Ruecker, head of commodities research at Swiss bank Julius Baer . JBAXY -3.29 % “Lacking the signs of an […]