Crude oil futures ended lower on Tuesday amid concerns about the outlook for demand from China, and easing geopolitical tensions. 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, a private report said 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.
Benchmark U.S. crude oil futures for September delivery fell $0.33 or about 0.44% to $74.04 per barrel on the New York Mercantile Exchange. Brent crude for October delivery declined $0.46 or nearly 0.59% to $77.20 per barrel on London's Intercontinental Exchange.