Crude oil futures ended deeply in red on Tuesday on renewed worries about outlook for energy demand. Rising tensions between the US and China, a stronger dollar and reports showing a sharp spike in coronavirus cases across several parts of Europe sent crude oil prices crashing down. Meanwhile, a report said that Saudi Arabia plans to cut its oil prices in October.
Crude oil futures for October dropped $3.01 or 7.6 percent to settle at $36.76 a barrel on the New York Mercantile Exchange. November Brent crude fell $2.23 or 5.3 percent to settle at $39.78 a barrel on London's Intercontinental Exchange.