WASHINGTON (dpa-AFX) - Oil futures settled lower on Tuesday, losing for a third straight session, although the downside was far less pronounced compared to the previous two sessions.
Concerns about the outlook for demand from China, and easing geopolitical tensions weighed on oil prices.
West Texas Intermediate Crude oil futures for September ended down $0.33 or about 0.44% at $74.04 a barrel. WTI crude futures had shed 2.9% and 1.9% on Friday and Monday.
Brent crude futures dropped to $77.20 a barrel, losing $0.46 or 0.59%.
In geopolitical news, Israel agreed to a proposal to resolve issues that were impeding a ceasefire accord in Gaza.
U.S. Secretary of State Antony Blinken said that Israel has accepted a proposal to bridge differences holding up a cease-fire and hostage release in Gaza. He called on Hamas to do the same.
However, the Wall Street Journal reported that the terror group's chief, Yahya Sinwar, believes the latest round of negotiations is a 'bluff' meant to grant Israel further time to continue its military offensive.
Elsewhere, Ukrainian troops have blown up a second strategic bridge in the Russian border region of Kursk, which is already in their control.
Markets now await weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). The API data is due later today, while the EIA inventory report will be out Wednesday morning.
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