Crude oil futures ended lower on Tuesday amid slightly easing fears about supply disruptions on forecasts that Hurricane Beryl is unlikely to impact offshore oil production in any big way. However, expectations of higher demand in the summer driving season in the U.S., helped limit the downside in oil prices. According to the American Automobile Association, U.S. gasoline demand will likely peak this week with travel for the Independence Day holiday on Thursday. The agency has forecast that travel during the holiday period will be 5.2% higher than in 2023, with car travel up 4.8%.
Benchmark U.S. crude oil futures for August delivery fell $0.57 or about 0.7% to $82.81 per barrel on the New York Mercantile Exchange. Brent crude for September delivery dropped $0.24 or 0.28% to $86.36 (Provisional) per barrel on London's Intercontinental Exchange.