Crude oil futures ended lower with cut of two percent on Tuesday, on concerns about outlook for energy demand amid rising possibility of a global recession. World Bank President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva both warned of recession risks, raising concerns over global demand. Further, a surge in Covid-19 cases in China, and fears of further monetary policy tightening also weighed.
Benchmark crude oil futures for November delivery fell $1.78 or 2 percent at $89.35 a barrel on the New York Mercantile Exchange. Brent crude for December delivery dropped $1.90 or about 2 percent to settle at $94.29 a barrel on London's Intercontinental Exchange.