Crude Oil Futures Extend Decline On Concern Over A Fall In Demand

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Crude oil futures once again ended lower on Tuesday, as investor concerns grew over a fall in demand for U.S. oil, after Hurricane Harvey tore through Texas, shutting down more than 16% of overall U.S. capacity.
Traders were awaiting inventory data for further cues, expecting the API to report another draw-down in oil inventories last week. However, inventories are likely rise from this week due to interruptions at refineries near Houston.

Benchmark crude oil futures for October delivery ended down by $0.13 or 0.3 percent to $46.44 on the New York Mercantile Exchange. In London, Brent crude for October delivery ended lower by $0.11 at $51.31 a barrel on the ICE.

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