Crude Oil Futures Dip as Sellers Return and Hurricane Disrupts U.S. Production

Crude oil futures have dipped after approaching key resistance levels of $71.02 to $73.44, with sellers re-entering the market on Tuesday morning.

Hurricane Francine has disrupted over 12% of U.S. crude production, creating upward pressure on oil prices despite concerns about demand. China's refinery output has fallen for the fifth month in a row, affecting global crude demand forecasts.

While an anticipated Fed rate cut could weaken the dollar and potentially boost oil demand, concerns about an economic slowdown persist.