Oil prices slid on Tuesday as market participants grew concerned that a looming global economic slowdown would hit fuel consumption.

The International Monetary Fund (IMF) on Tuesday lowered its global growth forecast for 2019 to 3.3 percent in the newly-released World Economic Outlook report, down 0.2 percentage point from its estimation in January.

The IMF said the world economy faces downside risks brought by potential uncertainties in the ongoing global trade tensions, as well as other country- and sector-specific factors.

The downgraded global economic growth forecast dragged the equities market lower and also added to concerns that a slowdown this year would impact energy demand and prevent crude prices from rising higher, experts noted.

The West Texas Intermediate for May delivery fell 0.42 dollar to settle at 63.98 U.S. dollars a barrel on the New York Mercantile Exchange, and Brent crude for June delivery decreased 0.49 dollar to close at 70.61 dollars a barrel on the London ICE Futures Exchange.