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Crude oil futures end lower on Tuesday

10 Aug 2022 Evaluate

Crude oil futures ended lower on Tuesday as concerns about outlook for energy demand outweighed Russia's decision to halt oil flows along the southern portion of the Druzhba pipeline to the Czech Republic, Hungary and Slovakia. Meanwhile, traders shifted focus to Iran nuclear deal talks. The revival of the nuclear accord would open the door for Iran to resume oil exports. The European Union said on Monday that it has put forward a final text to revive the 2015 Iran nuclear deal.

Benchmark crude oil futures for September delivery fell $0.26 or 0.3 percent to settle at $90.50 a barrel on the New York Mercantile Exchange. Brent crude for October delivery dropped $0.54 or 0.55 percent to settle at $96.11 a barrel on London's Intercontinental Exchange.