WASHINGTON (dpa-AFX) - Oil prices steadied near their lowest level since early June on Tuesday amid China demand concerns and a lack of immediate escalation in tensions between Israel and Hezbollah.
Traders also awaited cues from the release of upcoming inventory reports, a Federal Reserve meeting and an OPEC+ meeting.
Benchmark Brent crude futures slipped 0.2 percent to $78.89 a barrel, while WTI crude futures were down 0.3 percent at $75.59.
Ahead of factory activity data due this week, Chinese policy leaders vowed to step up policy support for the world's second-largest economy.
The Politburo, a top decision-making body of the ruling Communist Party, pledged at the end of its July meeting to pursue a 'proactive' fiscal policy, and reiterated the need for a 'prudent' monetary framework to boost domestic demand and promote consumption.
Amid increasing worries about softening demand outlook globally, traders are waiting to see whether the Federal Reserve will give clear signals on rate cuts at the conclusion of a two-day policy meeting on Wednesday.
On the geopolitical front, U.S. Defense Secretary Lloyd Austin said he does not believe that a fight between Israel and Hezbollah is inevitable, and that Washington would like to see things resolved in a diplomatic fashion.
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