Crude oil futures ended deeply in red on Tuesday on concerns about the outlook for fuel demand due to economic slowdown, and rising prospects of more interest rate hikes. European Central Bank (ECB) President Christine Lagarde reiterated that the central bank will continue to increase rates in July. Further, reports indicating possible excess supply in the market weighed as well on oil prices.
Benchmark crude oil futures for August delivery fell $1.67 or about 2.4 percent to settle at $67.70 a barrel on the New York Mercantile Exchange. Brent crude for August delivery dropped $1.92 or 2.6 percent to settle at $72.26 a barrel on London's Intercontinental Exchange.