Significant price declines for WTI, Brent crude

Crude oil prices were significantly lower Tuesday ahead of a weekly US inventories report due Wednesday, which is expected to show that crude inventories rose for an eighth consecutive week.

Prices dropped even though indications are that the Organization for Petroleum Exporting Countries will hold production quotas steady when it meets Wednesday in Vienna.

While most OPEC members favor holding quotas steady, Iran and Venezuela have both advocated production cuts even as the United States has asked for an increase in quotas.

Shortly before the close of floor trade on the New York Mercantile Exchange, April contracts for West Texas Intermediate crude were trading down $3.25 to $99.20 per barrel, while Brent crude for April delivery dropped $3.23 to $97.25 per barrel on the ICE Futures Europe exchange in London.

Nymex April gasoline was down 15 cents to $2.52 per gallon while April heating oil dropped 4 cents to $2.80 per gallon and April natural gas was even at $9.35 per million British thermal units.