Crude oil futures ended deeply in red on Tuesday, magnifying their previous sessions’ losses, on worries about outlook for energy demand and on a potential increase in OPEC supply. The world’s biggest crude producer Saudi Aramco has also indicated a potential increase in output. Saudi Aramco said that it plans to raise crude oil output to its maximum capacity of 12.3 million barrels per day by 2025 if requested by the Saudi Arabian government to meet the needs of global consumers. Further, disappointing economic data from the US and China on Monday raised worries about oil demand.
Benchmark crude oil futures for September delivery fell $2.88 or about 3.2 percent to settle at $86.53 a barrel on the New York Mercantile Exchange. Brent crude for October delivery dropped $2.76 or 2.9 percent to settle at $92.34 a barrel on London's Intercontinental Exchange.