Crude oil futures settled lower on Tuesday, snapping a five-day winning streak, as a sell-off in stock markets and a stronger dollar weighed on the commodity. The dollar index rose to 93.81, gaining nearly 0.5%. The yield on US 10-year Treasury note rose to above 1.5%, a three-month high, amid rising prospects of the Fed tapering its bond-buying program in the foreseeable future. However, oil prices moved higher early on in the session amid tighter supplies and optimism about energy demand.
Benchmark Crude oil futures for November delivery fell $0.16 or 0.2 percent to settle at $75.29 barrel on the New York Mercantile Exchange. Brent crude for November delivery dropped $0.72 or 0.9 percent to settle at $78.00 a barrel on London's Intercontinental Exchange.