Crude oil futures ended lower on Tuesday as Libya has restarted production at the Sharara oilfield, which remained shut for about two weeks due to protests. Meanwhile, geopolitical tensions remained in focus after U.S. and British forces conducted a fresh series of joint air strikes against Houthi targets in Yemen in a bid to protect the free flow of commerce. The Iran-backed Houthis, who control the most populous parts of Yemen, have been targeting ships they say are linked to Israel and the West.
Benchmark crude oil futures for February delivery fell $0.39 or 0.5 percent to settle at $74.37 a barrel on the New York Mercantile Exchange. Brent crude for March delivery dropped $0.51 or 0.65 percent to settle at $79.55 a barrel on London's Intercontinental Exchange.