Crude oil futures ended lower on Tuesday as investors awaited the Federal Reserve's monetary policy announcement. Further, oil prices fell after the International Energy Agency (IEA) said in its monthly report last week that there will be a supply overhang of 950,000 barrels per day next year, despite OPEC+'s efforts to curb production. Besides, recent data from China showed a drop in refining activity and weak retail sales growth, raising concerns about slowing demand in the world's top crude importer.
Benchmark crude oil futures for January delivery fell $0.63 or about 0.9 percent to settle at $70.08 a barrel on the New York Mercantile Exchange. Brent crude for February delivery fell $0.72 or 0.97 percent to settle at $73.19 a barrel on London's Intercontinental Exchange.