Oil prices declined as hopes for the freeze of the oil production seemed to disappear. Kuwait's oil minister, Anas al-Saleh, said on Tuesday that Kuwait would agree to freeze the oil output only if all major oil producers, including Iran, participate.

The Chinese trade data also weighed on oil prices. The Chinese Customs Office released its trade data on Tuesday. China's trade surplus dropped to $32.59 billion in February from $63.30 billion in January, beating expectations for a decline to a surplus of $50.15 billion. Exports fell at an annual rate of 25.4% in February, the biggest drop since May 2009, while imports slid at an annual rate of 13.8%, the fifteenth consecutive decline.

WTI crude oil for April delivery decreased to $37.00 a barrel on the New York Mercantile Exchange.

Brent crude oil for April fell to $39.93 a barrel on ICE Futures Europe.