Crude oil futures ended lower on Tuesday as the Organization of the Petroleum Exporting Countries and its allies delayed a decision on whether to extend existing output curbs until later this week. Meanwhile, the oil market fundamentals remain weak and point to a significant oversupply during the early point of the coming year, due to continued increase in coronavirus cases in several regions. Resumption of production in Libya from September is also contributing to fears of oversupply in the market.
Crude oil futures for January dropped $0.79 or 1.7 percent to settle at $45.55 a barrel on the New York Mercantile Exchange. February Brent crude fell $0.48 or 1 percent to settle at $47.40 a barrel on London's Intercontinental Exchange.