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Crude oil futures settled lower on Tuesday amid concerns about outlook for energy demand due to the impact of China’s Covid-19 curbs.
Beijing stepped up quarantine efforts to curb the spread of the coronavirus outbreak amid fresh signs of frustration in Shanghai.
Meanwhile, markets are worried that aggressive monetary policy tightening by central banks to control inflation could tip the global economy into a recession.
West Texas Intermediate Crude oil futures for July ended down by $0.52 or about 0.5% at $109.77 a barrel.
Markets look ahead to weekly oil reports from American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). The API’s report is due later today, while EIA’s inventory data is due Wednesday morning.
The material has been provided by InstaForex Company – www.instaforex.com
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