Oil futures fell sharply on Tuesday, with U.S. prices marking at their lowest price of the year. The oil market is “moving in fear that the Federal Reserve is going to drive the economy into a recession,” said Phil Flynn, senior market analyst at The Price Futures Group. Traders also await the weekly U.S. petroleum supply report due Wednesday. On average, analysts polled by S&P Global Commodity Insights expect the report to show a decline of 2.6 million barrels for the week ended Dec. 2. U.S. benchmark WTI crude for January delivery CLF23 fell $2.68, or 3.5%, to settle at $74.25 a barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since Dec. 23, 2021, according to Dow Jones Market Data.

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