Crude oil futures ended lower on Tuesday amid concerns about likely excess supply in the market with OPEC and allies set to increase production, and the restoration of crude output in the US after Hurricane Ida. The Organization of the Petroleum Exporting Countries (OPEC) and its allies are set to meet on Wednesday. It is widely expected that the group will agree to proceed with plans to add another 400,000 barrels per day of supply each month through December. Further, weak Chinese economic data weighed as well on crude oil prices. China's service sector contracted in August amid the renewed virus flare-up, official survey results from the National Bureau of Statistics showed.
Crude oil futures for October fell 71 cents or about 1 percent to settle $68.50 barrel on the New York Mercantile Exchange. November Brent crude dropped 60 cents or about 0.8% percent to settle at $71.63 a barrel on London's Intercontinental Exchange.