At 1:14 p.m. EDT (1715 GMT), Brent crude futures were down $2.62, or 3.65%, at $69.22 a barrel. At $65.81, US West Texas Intermediate (WTI) crude saw a $2.90 decrease, or 4.22 percent, loss.
After each benchmark increased by almost 1% on Monday, they both fell by more than $3 during the session. Tuesday saw a more than 5% decline in WTI crude futures, which dropped to their lowest points since May 2023.
In a monthly report released on Tuesday, the Organization of the Petroleum Exporting Countries (Opec) predicted that global oil consumption will increase by 2.03 million barrels per day (bpd) in 2024, which is less than the 2.11 million bpd growth predicted last month.
Opec had maintained the projection constant since it was first released until last month.
