COMMODITY
Crude oil futures end lower on Tuesday
Mar-27-2024

Crude oil futures ended lower on Tuesday with traders assessing oil demand and supply positions amid the tensions in the Middle East, and the ongoing war between Russia and Ukraine. According to reports, Ukraine continues with its strikes against Russian oil refineries, resulting in an estimated drop of 900,000 barrels per day of capacity. Meanwhile, markets now await weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). The EIA data is due Wednesday.

Benchmark crude oil futures for May delivery fell $0.33 or about 0.40% to settle at $81.62 a barrel on the New York Mercantile Exchange. Brent crude for May delivery dropped by $0.50 or about 0.57% to $86.25 per barrel on London's Intercontinental Exchange. 


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