Crude oil prices experienced a dip on Tuesday, influenced by the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC) revising their global oil demand growth forecasts for 2024 downward. This adjustment sparked investor concerns, impacting market sentiment.

Simultaneously, market participants eagerly awaited the Federal Reserve's monetary policy decision, set to be released on Wednesday. Anticipation was high as the Fed is widely expected to reduce interest rates by another 25 basis points and outline its monetary policy trajectory for 2025.

By 8:02 am ET, the West Texas Intermediate (WTI) for January contracts had dropped 1.29% to trade at $69.89 per barrel. Similarly, Brent for February settlements declined by 1.04%, selling at $73.17 per barrel a minute later.