Crude oil futures ended lower on Tuesday amid concerns about the outlook for demand, and on reports that Hurricane Beryl did not cause any big damage to refineries and ports along the Gulf coast. Meanwhile, the market now awaits weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). The EIA will release its inventory data Wednesday.
Benchmark U.S. crude oil futures for August delivery declined $0.92 or 1.11% to $81.41 per barrel on the New York Mercantile Exchange. Brent crude for September delivery fell $1.09 or about 1.27% to $84.66 per barrel on London's Intercontinental Exchange.