Crude oil futures end deeply in red on Tuesday

Crude oil futures ended deeply in red on Tuesday, weighed down by doubts about China's economic recovery and uncertainty over whether the Congress will pass the debt deal this week. Reports about a new coronavirus variant spreading in China raised concerns about the outlook for energy demand. According to reports, the new variant will likely infect nearly 65 million people every week by the end of June. On the debt ceiling deal front, some Republican lawmakers have reportedly said they would oppose the deal to raise the United States' $31.4 trillion debt ceiling.

Benchmark crude oil futures for July delivery fell $3.21 or about 4.4 percent to settle at $69.46 a barrel on the New York Mercantile Exchange. Brent crude for July delivery fell $3.31 or 4.43 percent to settle at $73.54 a barrel on London's Intercontinental Exchange.