WASHINGTON (dpa-AFX) - Despite optimism about the outlook for oil demand in the summer driving season, and possible supply disruptions due to the tensions in the Middle East, oil prices fell on Tuesday with traders looking to take some profits ahead of crucial U.S. inflation data, due later in the week.
Investors fretted about China's economic recovery as retailers in the country confront a challenging short-term outlook after a lackluster midyear online shopping festival.
As trade tensions simmer, traders also looked ahead to the release of May industrial profits and June manufacturing survey results due this weekend for further direction.
West Texas Intermediate Crude oil futures for August ended down by $0.80 or nearly 1% at $80.83 a barrel.
Brent crude futures dropped to $85.01 a barrel, losing about 1.16%.
Investors continued to monitor escalating geopolitical tensions in the Middle East and between Russia and Ukraine.
Houthi militants are reportedly attacking commercial ships off Yemen. Meanwhile, Russia squarely blamed the United States for a missile strike on occupied Crimea and warned of 'consequences.'
Traders await weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). The API report is due later today, while EIA will release its inventory data Wednesday morning.
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