Crude oil futures ended lower on Tuesday as concerns about likely disruptions eased after shipping traffic resumed through the Suez Canal. Traders were also weighing the possible impact of a surge in coronavirus cases and extended lockdown measures in Europe on near-term energy demand. Meanwhile, Traders were looking ahead to the outcome of the upcoming meeting of the Organization of the Petroleum Exporting Countries and their allies. The oil cartel is expected to take call on production cuts during the meeting.
Crude oil futures for May fell $1.01 or 1.6 percent to settle at $60.55 barrel on the New York Mercantile Exchange. May Brent crude declined $0.91 or 1.4 percent to settle at $64.01 a barrel on London's Intercontinental Exchange.