Crude oil futures ended lower on Tuesday on concerns about the outlook for energy demand owing to the economic slowdown in China. Disappointment with the size of cuts with China's key lending rates hurt crude oil prices. The People's Bank of China cut two key policy rates, including a benchmark for corporate loans and another used to price mortgages by 10 basis points each, the first such reductions in 10 months in an effort to bolster economic growth. Besides, fears of further tightening by the Federal Reserve and other central banks and the likely impact on global economic growth weighed as well on oil prices.
Benchmark crude oil futures for July delivery fell $1.28 or about 1.8 percent to settle at $70.50 a barrel on the New York Mercantile Exchange. Brent crude for August delivery dropped $0.19 or 0.3 percent to settle at $75.90 a barrel on London's Intercontinental Exchange.