Brent crude oil futures fell by 40 cents to $79.38 a barrel, while US WTI down 43 cents to $75.38
SINGAPORE – Oil prices fell on Tuesday, extending losses from the previous session amid concerns about demand in China, the world's largest crude importer, while the market shrugged off the risk of conflict escalating in the Middle East.
Also on Monday, Citi cut China's growth forecast to 4.8% from 5% after the country's second-quarter growth missed analyst estimates, noting that economic activity softened further in July. The market is watching an upcoming meeting of China's top decision-making body, the Politburo, expected to take place this week, that could elicit further economic policy support.
That was reinforced by a US diplomatic push, reported by Reuters on Monday, to constrain Israel's response and prevent it from striking either the Lebanon capital of Beirut or any major civilian infrastructure in retaliation.
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