Crude oil futures ended lower on Tuesday on account of rising concerns about the outlook for energy demand due to the economic slowdown in China amid stringent coronavirus lockdowns in Shanghai and elsewhere. Meanwhile, as EU leaders firm up plans to announce a sixth tranche of sanctions against Russia this week, Slovakia is seeking an exemption against approving a ban on Russian oil. Hungary also said it will not support sanctions on Russian oil and gas shipments. Besides, Markets looked ahead to a meeting of ministers from OPEC and its allies for directional cues.
Benchmark crude oil futures for June delivery fell $2.76 or 2.6 percent to settle at $102.41 a barrel on the New York Mercantile Exchange. Brent crude for July delivery dropped $2.61 or 2.4 percent to settle at $104.97 a barrel on London's Intercontinental Exchange.