Oil futures settled lower on Tuesday, as a slumping U.S. stock market fed concerns that the outlook for energy demand will continue to soften.Prices, however, pared some of their losses by the settlement as petroleum-products futures took a last minute turn higher following a report that Colonial Pipeline Co. has shutdown petroleum-product pipelines, according to Phil Flynn, senior market analyst at Price Futures Group.
The October contract for West Texas Intermediate crude CLV5, -1.09% settled at $45.83 a barrel on the New York Mercantile Exchange, down 85 cents, or 1.8%, on its expiration day. November crude CLX5, -0.37% which is now the front-month contract, fell 60 cents, or 1.3%, to $46.36 a barrel.
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