Crude oil futures ended lower on Tuesday on expectations that the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+ may decide to further boost crude production starting in August. The OPEC+ report, ahead of the group’s scheduled meeting on July 1, indicates that the demand-supply gap is already becoming an issue, and that the alliance is working on a plan to tap that deficit. Besides, profit taking by traders after crude oil prices rose to their highest level since 2018 also contributed to the weak close by the commodity.
Crude oil futures for August fell 27 cents or 0.4 percent to settle at $72.85 barrel on the New York Mercantile Exchange. August Brent crude lost 9 cents or 0.1 percent to settle at $74.81 a barrel on London's Intercontinental Exchange.