Oil prices drop amid ample supplies

Oil prices plunged Tuesday as market expected crude supply to exceed the demand.

U.S. Energy Information Administration (EIA) is scheduled to release the weekly U.S. crude inventory data Wednesday. Traders expected to see crude stockpiles continue to add.

The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers will meet on April 17 in Doha, Qatar, to discuss the output freeze. But Iran indicated it won't participate in the output freeze until its production reaches 4 million barrels a day, the level before the international sanctions were imposed on the Middle East country.

Traders were speculative about this meeting will lead to any realistic results that will boost to the crude prices.

The West Texas Intermediate for May delivery moved down 1.11 U.S. dollars to settle at 38.28 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery decreased 1.13 dollars to close at 39.14 dollars a barrel on the London ICE Futures Exchange. Enditem