Crude oil futures ended lower on Tuesday with traders looking to take some profits ahead of crucial U.S. inflation data, due later in the week. Investors fretted about China’s economic recovery as retailers in the country confront a challenging short-term outlook after a lackluster midyear online shopping festival. Oil prices fell despite optimism about the outlook for oil demand in the summer driving season, and possible supply disruptions due to the tensions in the Middle East.
Benchmark U.S. crude oil futures for August delivery fell $0.80 or about 1% to $80.83 per barrel on the New York Mercantile Exchange. Brent crude for August delivery dropped $1 or 1.16% to $85.01 per barrel on London's Intercontinental Exchange.