West Texas Intermediate futures for March delivery declined to $29.64 (-0.80%), while Brent crude fell to $32.39 (-1.01%) amid weak fundamentals. Production numbers from Canada, Brazil and Russia rose in 2015 and no talks about output cuts had materialized. Meanwhile the managing director of the National Iranian Oil Company said on Tuesday Iran plans to export 2.3 million barrels of crude oil per day in the fiscal year beginning March 21.

Morgan Stanley analysts believe that oil market will remain unbalance till the middle of 2017.