MARKET WATCH: NYMEX, Brent prices drop on skepticism about production agreement

Light, sweet crude oil prices for March delivery fell 40¢ on the New York market to settle above $29/bbl while Brent crude oil prices for April delivery dropped $1.21 to settle above $32/bbl despite an agreement by four major producers to freeze production at existing levels if other producers would do the same.

Source: News