Crude oil futures ended lower on Tuesday as slightly hotter than expected U.S. inflation data and persisting worries about the outlook for demand from China outweighed a report from OPEC that said global oil demand will likely remain strong this year and in 2025. OPEC expects oil demand this year to rise 1.43 million barrels per day over the previous year, slightly up from an earlier forecast for a rise of 1.42 million barrels per day. However, oil prices climbed higher earlier in the day amid tensions in the Middle East, where Israeli forces continue their deadly attacks in the Gaza Strip.
Benchmark crude oil futures for April delivery fell $0.37 or about 0.47% to settle at $77.56 a barrel on the New York Mercantile Exchange. However, Brent crude for May delivery was up by $0. 71 or about 0.87% to $81.92 per barrel on London's Intercontinental Exchange.