WASHINGTON (dpa-AFX) - Crude oil futures settled 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.
West Texas Intermediate Crude oil futures for May ended lower by $0.33 at $81.62 a barrel.
Brent crude futures were down $0.65 at $85.43 a barrel.
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.
The crisis in the Red Sea has led to a build of about 100 million barrels of oil on International waters, according to Goldman Sachs.
Meanwhile, with the conflict in Gaza entering its sixth month, both Israel and Hamas have rejected the most recent attempts by international mediators to stop the carnage.
The Yemen-based Houthi militants have warned Saudi Arabia that it would be a target if it provides aid and support to the US-British aggression against the group.
Markets now await weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). The API report is due later today, while the EIA data is due Wednesday morning.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
