Crude oil futures contract remained under pressure on Tuesday on latest US economic data. As per latest report of US Commerce Department consumer spending declined 0.2 percent for the month of June. US personal income gained to seasonally adjusted 0.1 percent which happens to be its smallest increase since last November.

Crude oil futures contract for September delivery dropped 1.2 percent or $1.10 to $93.79 per barrel at New York Mercantile Exchange on Tuesday. Oil analyst, Matt Smith from Summit Energy commented, “It is one bit of bad data after another, it is overshadowing everything that happened with the debt ceiling resolution.”

Among other commodities, gasoline future contract for September delivery declined 0.6 percent or $0.02 to $3.04 per gallon while heating oil futures contract for September delivery was slightly down to $3.09 per gallon.

Natural gas futures contract for September delivery dropped 0.8 percent or $0.03 to $4.16 per million British thermal units.

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