Crude oil futures settled lower on Tuesday as investors await cues from an upcoming OPEC+ meeting that will decide on supply policy. According to a private report, OPEC+ may decide to increase output at the meeting, although no final decision has been made there is a option under consideration to increase supply by 4,11,000 barrels per day in July. Meanwhile, traders overlook the reports indicating Trump administration is considering new sanctions against Russia in the wake of continued attacks on Ukraine and the slow progress in peace talks.
Benchmark crude oil futures for July plunged $0.64 or 1.04% at $60.89 a barrel on the New York Mercantile Exchange. Brent crude for July delivery slumped $0.65 or 1% to settle at $64.09 a barrel on London's Intercontinental Exchange.