Crude oil futures ended sharply lower on Tuesday on rising dollar and concerns over the outlook for energy demand due to global economic slowdown. A report released by the Conference Board showed consumer confidence has deteriorated by much more than anticipated in the month of April. The Conference Board said its consumer confidence index slumped to 101.3 in April from a revised 104.0 in March. Street had expected the index to edge down to 104.0 from the 104.2 originally reported for the previous month.
Benchmark crude oil futures for June delivery fell $1.69 or 2.2 percent to settle at $77.07 a barrel on the New York Mercantile Exchange. Brent crude for June delivery dropped $1.96 or 2.4 percent to settle at $80.77 a barrel on London's Intercontinental Exchange.