WASHINGTON (dpa-AFX) - Oil prices fell on Tuesday amid continued concerns about the outlook for demand from China.Traders also awaited the Federal Reserve's monetary policy meeting, and weekly inventory data from the EIA.
Oil prices were also weighed on reports saying hedge funds and money managers sold heavily in the oil market and substantially reduced their net positions last week.
A lack of immediate escalation in tensions between Israel and Hezbollah contributed as well to the drop in oil prices.
West Texas Intermediate crude oil futures for September ended down $1.08 or about 1.42% at $74.73 a barrel.
Brent crude futures were down $0.71 or 0.9% at $78.34 a barrel a little while ago.
Traders await weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA), the Federal Reserve's monetary policy, and the OPEC meeting.
The API's report is due later today, while the EIA is scheduled to release their inventory data Wednesday morning. The meeting of the OPEC and allies is scheduled to take place on Thursday.
The Fed, which is scheduled to announce its monetary policy on Wednesday, is widely expected to leave rates unchanged. The accompanying statement is eyed for clues about the central bank's likely move on interest rate in its September meeting.
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