Oil prices settle with a loss of more than 2%

Oil futures ended more than 2% lower on Tuesday, with concerns over the outlook for energy demand in focus. Energy traders aren’t buying this dip in prices “until they have clear signs that the sky has stopped falling,” said Edward Moya, senior market analyst at OANDA. “Concerns about China’s recovery aren’t going away until we see strong signs crude demand is improving.” June West Texas Intermediate crude CLM23 declined by $1.69, or nearly 2.2%, to settle at $77.07 a barrel on the New York Mercantile Exchange.

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