NEW YORK, May 7 (Xinhua) -- Oil prices declined on Tuesday as market participants grew concerned about energy demand amid global trade uncertainties.
The West Texas Intermediate for June delivery fell 0.85 U.S. dollar to settle at 61.40 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery decreased 1.36 dollars to close at 69.88 dollars a barrel on the London ICE Futures Exchange.
On the U.S. equities market, the S&P 500 energy sector closed 0.62 percent lower on Tuesday.
Crude prices got some support from the latest escalation of geopolitical tensions between the United States and Iran.
U.S. National Security Adviser John Bolton said on Sunday that his country is deploying a carrier strike group and a bomber task force to the Middle East to thwart the threat from Iran.
The move came after the U.S. administration tightened energy sanctions on Iran in a bid to drive the Islamic republic's oil exports to zero.
The White House announced on April 22 that Washington would no longer grant sanctions waivers for purchases of Iranian crude. The decision has provoked worries that it may lead to higher oil and gasoline prices.
Following the exit from the Iran nuclear deal in May last year, the U.S. administration has kept piling up pressure on Iran through a series of sanctions and designations, which have been strongly opposed and criticized by Tehran. Enditem
