Crude oil futures ended lower on Tuesday as concerns about the outlook for energy demand due to economic slowdown and interest rate hikes outweighed Saudi Arabia's decision to cut production by one million barrels per day in July. The U.S. services sector barely growth in May and new orders for manufactured goods rose by slightly less than expected in April, rekindling concerns about inflation and a potential recession. besides, German factory orders data as well as Eurozone and British retail sales figures all disappointed - adding to cautious market mood.
Benchmark crude oil futures for July delivery declined $0.41 or about 0.60 percent to settle at $71.74 a barrel on the New York Mercantile Exchange. Brent crude for August delivery fell $0.42 or 0.60 percent to settle at $76.29 a barrel on London's Intercontinental Exchange.