The West Texas Intermediate for November delivery decreased 1.78 U.S. dollars, or 2 percent, to settle at 89.35 dollars a barrel on the New York Mercantile Exchange. Brent crude for December delivery lost 1.9 dollars, or 2 percent, to settle at 94.29 dollars a barrel on the London ICE Futures Exchange.
The IMF on Tuesday projected the global economy to grow by 3.2 percent this year and 2.7 percent in 2023, with a downward 0.2-percentage-point revision for 2023 from the July forecast, according to its latest World Economic Outlook report.
The global economy is experiencing "a number of turbulent challenges," as inflation higher than seen in several decades, tightening financial conditions in most regions, the Russia-Ukraine conflict, and the lingering COVID-19 pandemic all weigh heavily on the outlook, the report said.
On Monday, the U.S. crude benchmark declined 1.6 percent and Brent fell 1.8 percent.
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