Oil futures fell sharply on Tuesday, with U.S. prices settling at their lowest level in over five weeks. “Recession fear is like a hurricane that destroys everything along its path — oil included,” said Manish Raj, managing director at Velandera Energy Partners. “It does not matter that fundamentals for oil are now stronger than ever, with rising demand and falling supply in the foreseeable future.” June West Texas Intermediate crude CLM23 fell $4, or 5.3%, to settle at $71.66 a barrel on the New York Mercantile Exchange. That was the lowest finish for a front-month contract since March 24, according to Dow Jones Market Data.
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