Crude Oil Extends Pullback Amid Lingering Demand Concerns

(RTTNews) - Crude oil futures moved sharply lower during trading on Tuesday, extending the significant pullback seen in the previous session.

After tumbling $0.97 or 1.5 percent to $62.05 a barrel during Monday's session, crude for June delivery plunged $1.63 or 2.6 percent to $60.42 a barrel.

The extended pullback by the price of crude oil came amid ongoing concerns a weakening U.S. economy and the U.S.-led trade war with partners, especially China, will hurt energy demand.

Meanwhile, traders seemed to shrug off the latest developments on the trade front, with Commerce Secretary Howard Lutnick telling CNBC the Trump administration had reached its first trade deal.

Lutnick declined to name the country involved but said he expects their prime minister and parliament to give their approval "shortly."

Treasury Secretary Scott Bessent also told reporters the U.S. is "very close" to a trade deal with India, has had "substantial talks" with Japan and has "the contours of a deal" with South Korea.