Oil Market Update

Crude-oil futures fell more than 5% Tuesday to their lowest settlement level in nearly a week as concerns about a persistent supply glut resurfaced ahead of weekly U.S. inventory updates.

Light, sweet crude futures for delivery in March CLH5, +0.92%  on the New York Mercantile Exchange fell $2.84, or 5.4%, to settle at $50.02 a barrel. That was the lowest settlement level since Feb. 4.

Brent crude for March delivery LCOH5, +0.35% the international benchmark, closed down $1.91, or 3.3% at $56.43 a barrel on the ICE Futures exchange.