Crude oil futures declined 1.4 percent on Tuesday on reaction to uncertainty over oil’s global demand outlook. Selling pressure was for crude oil futures as escalating political crisis in Middle East and North Africa followed by oil spill in North Sea raised concerns.

Crude oil futures contract for September delivery declined $1.23 to settle at $86.65 per barrel at New York Mercantile Exchange on Tuesday.

Chief economist, Jason Schenker from Prestige Economics commented, “The oil story is and will remain first and foremost a growth story, any hint, suspicion, or confirmation of weaker growth could engender some price weakness.“

Stronger US dollar also resulted in decline crude oil as the dollar index DXY which measures the US dollar’s performance against its six major rival currencies gained to 73.998 on Tuesday as compared to 73.836 on Monday’s North American trading session.

On Monday crude oil gained 2.9 percent due to weakening greenback.