Oil prices traded lower on news that Russia and Saudi Arabia on Tuesday agreed to freeze the oil production at the level of January if other oil producers join. Energy ministers from Saudi Arabia, Russia, Qatar and Venezuela met in Doha today to discuss the situation in the oil market.

The Saudi Arabian oil minister Ali al-Naimi noted that freezing oil production at January levels was an adequate measure, adding that new measures of stabilisation could be considered in the next few months.

Iranian Oil Minister Bijan Zanganeh said on Tuesday that the country would not agree to freeze its oil production at January levels, adding that Iran would not give up its share of the global oil market.

Iran announced on Sunday that it boosted its oil output by 400,000 barrels per day.

WTI crude oil for March delivery fell to $28.99 a barrel on the New York Mercantile Exchange.

Brent crude oil for March decreased to $32.32 a barrel on ICE Futures Europe.