Oil prices eased on Tuesday as the top U.S. diplomat renewed efforts to push for a ceasefire in the Middle East and as slowing demand growth in China, the world’s top oil importer, continued to weigh on the market.
Brent crude futures for December delivery were down 19 cents, or 0.3%, at $74.1 a barrel at 0350 GMT. U.S. West Texas Intermediate crude futures for November delivery were 18 cents lower at $70.43 a barrel on the contract’s last day as the front month.
The more actively traded WTI futures for December, which will soon become the front month, lost 14 cents, or 0.2%, to $69.9 per barrel.
Both Brent and WTI settled nearly 2% higher on Monday, recouping some of last week’s more than 7% decline, with no letup of fighting in the Middle East and the market still nervous about Israel’s expected retaliation against Iran potentially leading to a disruption of oil supply.
