Crude oil futures fell sharply lower on Tuesday as anxious traders awaited weekly government reports indicating whether OPEC and other major oil producers will stick to their pledge to curb production.
On the New York Mercantile Exchange, February West Texas Intermediate crude fell by $1.39, or 2.6%, to settle at $52.33 a barrel, marking its lowest finish since December 20. Earlier in the day, it traded as high as $55.24 a barrel, which would have marked the highest settlement level since July 2015.
On the London ICE Futures Exchange, March Brent crude, the global benchmark, shed $1.35, or 2.4%, to end trading at $55.47 a barrel after reaching highs above $58 a barrel.
Meanwhile, natural gas futures dropped by nearly 11% as warmer weather forecasts dulled demand expectations for the heating fuel, marking their biggest single session percentage loss since February 2014.
February natural gas retreated by 39.7 cents, 10.7%, to end at a two-week low of $3.327 per million British million thermal units on the New York Mercantile Exchange.
