Global oil benchmark Brent crude futures sank below $70 a barrel on Tuesday for the first time since December 2021, after OPEC+ revised down its demand forecast for this year and 2025. Brent crude futures were down $2.

Oil prices slipped to near the lowest since 2021, as traders tracked moves in wider financial markets and monitored a storm that could affect some supplies in the Gulf of Mexico.Most Read from Bloombe

Brent oil prices declined 2% on Tuesday as sluggish economic growth in China, the world's biggest crude importer, increased demand concerns that overshadowed the impact of halted production and exports from Libya. Brent crude futures fell by $1.65, or 2.1%, to $75.87 a barrel by 1004 GMT.

The Canadian dollar weakened against its U.S. counterpart on Tuesday as oil prices fell and the Bank of Canada said global trade disruptions could make it harder for the central bank to consistently meet its 2% inflation target.