Oil futures fell on Tuesday as investors were apprehensive above energy demand, according to Bloomberg MarketWatch.
On the New York Mercantile Exchange, August West Texas Intermediate crude dropped $2.39, or 4.9%, to end trading at $46.60 a barrel.
On the London ICE Futures Exchange, August Brent crude, the global benchmark, shed $2.14, or 4.3%, to settle at $47.96 a barrel.
“The fundamentals of the oil market have been shifting ‘less bullish’ over the last month as the pace of U.S. production declines slowed in June,” said Tyler Richey, co-editor of The 7:00’s Report.
Due to the Independence Day holiday, the U.S. Energy Information Administration weekly report on domestic crude oil inventories will be released a day later on Thursday.
On the New York Mercantile Exchange, August natural gas fell 22.3 cents, or 7.5%, to settle at $2.764 per million British thermal units.