Crude oil futures settled marginally lower on Tuesday amid reports that U.S. Energy Secretary Jennifer Granholm said the Biden administration hasn’t ruled out a ban on petroleum exports. Though, downside remained capped on optimism around plans to unwind lengthy lockdowns in Shanghai, China’s largest city, but uncertainty lingers over crude demand from the world’s largest oil importer as Beijing increased quarantine efforts in an effort to halt a COVID-19 outbreak. Meanwhile, markets look ahead to weekly oil reports from American Petroleum Institute (API) and U.S. Energy Information Administration (EIA).
Benchmark crude oil futures for July delivery fell 52 cents or 0.5% percent to settle at $109.77 a barrel on the New York Mercantile Exchange. However, Brent crude for July delivery added 14 cents or 0.1 percent to settle at $113.56 a barrel on London's Intercontinental Exchange.