NEW YORK, Feb. 24 (UPI) -- Crude oil prices moved sharply lower in Wednesday trading after Saudi Arabia's oil minister said there was no chance for a production cut.
Saudi Arabia recently joined some members of the Organization of Petroleum Exporting Countries and Russia in backing a move to freeze production at January levels provided other oil-rich countries follow suit. That led to a short-term rally in crude oil prices as markets expected a shift away from the supply side.