Oil drops over 5%, fails to capitalize on production cuts

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WTI Crude oil prices are down by over 5% on Tuesday.

This comes just a day after Russia and Saudi Arabia agreed to production cuts.

The declines indicate that oil traders are brushing aside the production cuts.

Price is slipping below the 22.00 handle once again, but the line in the sand is the 19.31 low in late March.

A close below 19.31 could see oil price outlook deteriorating further.

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