Crude oil futures extended previous session’s losses and ended lower with cut of half percent on Tuesday amid concerns about the outlook for energy demand from China. Meanwhile, investors await weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). The EIA is scheduled to release its inventory data on Wednesday. However, oil's downside was limited to an extent after reports said several drilling and pipeline installations along the Texas Gulf Coast are shut down or are working on reduced capacity due to tropical storm Harold.
Benchmark crude oil futures for September delivery fell $0.37 or about 0.5 percent to settle at $80.35 a barrel on the New York Mercantile Exchange. Brent crude for October delivery declined $0.43 or 0.5 percent to settle at $84.03 a barrel on London's Intercontinental Exchange.