Crude oil futures ended lower on Tuesday. Crude oil prices continued their downward trend amid optimism that U.S. and Iran nuclear talks may reduce the threat of war. Besides, some report stated that the Organization of Petroleum Exporting Countries is leaning towards a resumption in oil output increases from April. Traders ignored the news that Iran partially closed the Strait of Hormuz as its Revolutionary Guard conducts military drills in the strategically vital waterway.
Benchmark crude oil futures for March delivery declined $0.56 or 0.89% to settle at $62.33 a barrel on the New York Mercantile Exchange. Brent crude for April delivery decreased $0.33 or 0.48% to settle at $67.42 a barrel on London's Intercontinental Exchange.
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