Oil slumps on expected rise in supplies, China worries

Crude oil futures finished lower Tuesday, pressured by concerns over demand from China as it attempts to cool its growth, while traders readied themselves for data expected to show rising U.S. crude supplies.

Futures had briefly come off earlier lows after a report showed U.S. consumer confidence jumped in January.

But "China is really the driving force in this market," said Dan Flynn, energy trader at PFGBest.

Crude oil for March delivery fell 55 cents, or 0.7%, to end at $74.71 a barrel at the New York Mercantile Exchange. Earlier, the contract hit an intraday low of $73.82 a barrel. (more)