WASHINGTON (dpa-AFX) - Oil held the biggest drop in more than two weeks on Tuesday amid China demand concerns and easing geopolitical risks after Israel agreed to a proposal to resolve issues that were impeding a ceasefire accord in Gaza.
Benchmark Brent crude futures dipped half a percent to $77.28 a barrel in European trade, after having shed 2.5 percent on Monday. WTI crude futures were down 0.6 percent at $73.25.
Supply fears eased somewhat after 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, the Wall Street Journal reported 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.
Elsewhere, Ukrainian troops have blown up a second strategic bridge in the Russian border region of Kursk, which is already in their control.
On the demand side, official data showed China's crude oil imports from top supplier Russia fell in July by 7.4 percent from a year earlier on the back of a broader retreat in demand.
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