Crude oil retreated on Tuesday after four consecutive trading sessions of gains, as investors awaited clearer supply signals while also monitoring broader market impacts from President Trump's attempt to dismiss a Federal Reserve board member.

WTI crude fell 2.4%, marking its largest decline since early August, closing near $63 per barrel and remaining within the $62-65 range where it has traded for most of the month. Tuesday's oil decline reflected broader financial market caution toward risk assets triggered by Trump's attempt to remove Fed board member Cook from office.

The U.S. Department of Homeland Security issued a notice on Monday outlining plans to impose 50% tariffs on Indian products as punishment for India's purchases of Russian crude oil. The measure, effective starting Wednesday, is viewed as part of Trump's broader efforts to broker peace between Russia and Ukraine. However, given Trump's history of reversing course on trade threats, many investors remain skeptical about the likelihood of the tariff increases actually taking effect.

During Tuesday's cabinet meeting, Trump expressed appreciation for oil prices falling to near $60 per barrel, adding that prices would soon drop below that level, though he did not specify what factors would drive such a decline.

Trading activity slowed ahead of the U.S. Labor Day long weekend, amplifying market volatility.

October WTI crude futures in New York fell 2.4% to close at $63.25 per barrel.

October Brent crude declined 2.3% to $67.22 per barrel.