The West Texas Intermediate for September delivery lost 1.72 U.S. dollars, or 1.8 percent, to settle at 94.98 dollars a barrel on the New York Mercantile Exchange. Brent crude for September delivery decreased 75 cents, or 0.7 percent, to close at 104.4 dollars a barrel on the London ICE Futures Exchange.
The International Monetary Fund on Tuesday downgraded its forecast for global growth this year, noting an overall "gloomy and more uncertain" outlook.
It now expects the global economy to grow 3.2 percent this year, down by 0.4 percentage points from the April projection. In April, the IMF cut its growth forecast for 2022 to 3.6 percent from 4.4 percent.
Meanwhile, newly-released U.S. data fueled concerns over the health of the economy.
The U.S. consumer confidence index fell to 95.7 in July, the lowest level since February 2021, on dimmer views of the economy amid persistent inflation, New York-based The Conference Board reported on Tuesday.
Traders also awaited Wednesday's weekly U.S. petroleum supply data from the Energy Information Administration. Analysts polled by S&P Global Commodity Insights expect an 800,000-barrel fall in U.S. crude inventories for the week ended July 22.
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