Crude oil futures ended lower on Tuesday, magnifying recent session’s losses amid lingering concerns about the outlook for energy demand, and on disappointment over the quantum of additional output cut announced by OPEC+. Further, a firm dollar weighed as well on oil prices. Also, investors looked ahead to the non-farm payroll data, due later in the week, for clues about the outlook for Fed's interest rate moves.
Benchmark crude oil futures for January delivery fell $0.72 or about 1 percent to settle at $72.32 a barrel on the New York Mercantile Exchange. Brent crude for February delivery dropped $0.83 or about 1.06 percent to settle at $77.20 a barrel on London's Intercontinental Exchange.