Crude oil futures ended lower on Tuesday after private report stated that some members of the Organization of the Petroleum Exporting Countries were weighing exempting Russia from oil-production targets, which would allow other countries to pump more crude. However, a drop in coronavirus cases in Beijing and improved Chinese PMI data raised hopes that energy demand in the world's second largest economy will pick up and contributed significantly to the uptick in oil prices.
Benchmark crude oil futures for July delivery fell 40 cents or 0.35% percent to settle at $114.67 a barrel on the New York Mercantile Exchange. However, Brent crude for July delivery gained $1.17 or 1 percent to settle at $122.84 a barrel on London's Intercontinental Exchange.