Crude oil futures ended lower on Tuesday on concerns about the outlook for demand from China amid disappointment over a lack of fresh supportive measures from the Beijing government. Further, weaker than expected U.S. factory orders data also raised concerns about energy demand. Meanwhile, traders now await weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA).
Benchmark crude oil futures for April delivery fell $0.59 or about 0.75% to settle at $78.15 a barrel on the New York Mercantile Exchange. Brent crude for May delivery was down by $0.79 or about 0.95% to $82.01 per barrel on London's Intercontinental Exchange.