Crude oil futures ended lower on Tuesday on concerns about outlook for energy demand with investors fearing a slowdown in global economic growth amid imminent monetary policy tightening by the Federal Reserve. The International Monetary Fund (IMF) has lowered its forecast for global economic growth by nearly a full percentage point, citing seismic waves from Russia’s invasion and the clear and present danger of inflation in many countries. Besides, oil prices fell despite lower output from OPEC+, which produced 1.45 million barrels per day (bpd) below its targets in March, as Russian output began to decline following sanctions imposed by the West.
Benchmark crude oil futures for May delivery fell $5.65 or 5.2 percent to settle at $102.56 a barrel on the New York Mercantile Exchange. Brent crude for June delivery dropped $6.17 or 5.41 percent to settle at $106.99 (Provisional) a barrel on London's Intercontinental Exchange.