Crude oil futures ended lower on Tuesday on stronger U.S. dollar amid fading hopes about early interest rate cuts following some hawkish comments from central bank officials. There are expectations that weather in the U.S. will be colder than normal also weighed on oil prices. Meteorologists have reportedly projected weather in the U.S. would switch from colder than normal this week to mostly warmer than normal during the later part of the month.
Benchmark crude oil futures for February delivery fell by 28 cents or 0.4 percent to settle at $72.40 a barrel on the New York Mercantile Exchange. However, Brent crude for March delivery gained 14 cents or 0.2 percent to settle at $ 78.29 a barrel on London's Intercontinental Exchange.