Crude oil futures closed lower on Tuesday, amid demand outlook worries, while focus remained on the outcome of crucial U.S.-China trade talks in London. Oil import data from China earlier this week and ongoing production increases from OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, were adding to the downside.
Benchmark crude oil futures for July decreased $0.31 or about 0.47% at $64.98 a barrel on the New York Mercantile Exchange. Brent crude for August delivery declined $0.17 or 0.25% to settle at $66.87 a barrel on London's Intercontinental Exchange.