West Texas Intermediate futures for March delivery climbed to $30.02 (+1.11%), while Brent crude is currently at $32.94 (+0.18%) after posting steep losses on Monday. Oil prices paid little attention to sharp declines in Japanese stocks.

Oil prices fell more than by 3% on Monday as market participants continued assessing the outcome of a meeting between oil ministers from Saudi Arabia and Venezuela. The meeting, which was held on Sunday, resulted in no output cut agreement. There were also no comments about an OPEC meeting Venezuela was calling for.

Yesterday Morgan Stanley warned that the supply glut will persist throughout 2016.