Crude oil futures ended lower on Tuesday as the crude oil prices came under pressure amid rising trade tension between the U.S. and China. The oil prices showed strong up move in early session on the back of rising optimism about trade negotiations between US and the trading partners but soon after surrendered the gains to enter negative territory after China vowed to ‘fight to the end’ after Trump threatened to impose an additional 50 percent tariff on Chinese goods unless the country withdraws its new 34 percent tariff on U.S. goods.
Benchmark crude oil futures for May fell $1.12 or about 1.85% at $59.58 a barrel on the New York Mercantile Exchange. Brent crude for June delivery decreased $1.39 or 2.16% to settle at $62.82 a barrel on London's Intercontinental Exchange.