Oil Settles Lower; April Contracts Expire Ahead Of U.S. Supply Data

By Myra P. Saefong Markets MarketWatch Pulse

Oil prices settled lower on Tuesday, with the April futures contracts expiring at their lowest level since November. The contract expiration on the New York Mercantile Exchange contributed to volatility ahead of the latest weekly data on U.S. crude supplies. Analysts polled by S&P Global Platts forecast an increase of 2 million barrels in crude stockpiles. April West Texas Intermediate crude lost 88 cents, or 1.8%, to settle at $47.34 a barrel. May WTI crude , which is now the front-month contract, lost 67 cents, or 1.4%, to end at $48.24 a barrel.

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