Prices of crude oil for front-month settlements tumbled on Tuesday after data showed that economic growth in both Germany and Britain stagnated, with Berlin and London entering a technical recession in the closing quarter of 2023.
Economic uncertainty appeared to raise concerns about the commodity's demand thus briefly offsetting supply pressures driven by the Middle East turmoil.
West Texas Intermediate (WTI) for April contracts dropped 1.96% to $76.91 per barrel at 10:44 am ET. Brent for the same month's deliveries was down 1.66% to $82.14 a barrel.
