Crude oil futures ended deeply in red on Tuesday on rising concerns about the outlook for energy demand following another batch of weak economic data from China. China's industrial output and retail sales slowed last month, and fixed-asset investment growth also lost more momentum, suggesting that more support is needed to revitalize flagging economic growth. China's industrial production and retail sales grew less than expected in July. Industrial production registered an annual growth of 3.7 percent in July, the National Bureau of Statistics reported. Street had forecast output to grow 4.4 percent, the same rate as seen in June. Meanwhile, the Chinese central bank unexpectedly cut two key interest rates to shore up the struggling economy.
Benchmark crude oil futures for September delivery fell $1.52 or about 1.8 percent to settle at $80.99 a barrel on the New York Mercantile Exchange. Brent crude for October delivery dropped $1.32 or1.5 percent to settle at $84.49 a barrel on London's Intercontinental Exchange.