WASHINGTON (dpa-AFX) - Oil prices fell on Tuesday amid concerns about the outlook for global demand, and possible excess supply in the market next year.
Investors also awaited the Federal Reserve's monetary policy announcement.
West Texas Intermediate crude oil futures for January ended down $0.63 or about 0.9% at $70.08 a barrel.
Brent crude futures were down $0.61 or about 0.84% at $73.30 a barrel a little while ago.
The International Energy Agency (IEA) said in its monthly report last week that there will be a supply overhang of 950,000 barrels per day next year, despite OPEC+'s efforts to curb production.
Recent data from China showed a drop in refining activity and weak retail sales growth, raising concerns about slowing demand in the world's top crude importer.
Traders also 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.
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