WASHINGTON (dpa-AFX) - Oil prices fell nearly 2 percent on Tuesday after rallying more than 3 percent to their highest in over a month the previous day.
Benchmark Brent crude futures dipped 1.8 percent to $79.44 a barrel due to profit taking after recent strong gains on concerns that escalating hostilities could disrupt oil supplies from the Middle East. WTI crude futures were down 1.9 percent at $75.71.
Concerns eased over potential supply disruptions, with investors awaiting greater clarity on how Israel will retaliate against Iran.
Some analysts say an attack on Iranian oil infrastructure is unlikely and oil prices could face considerable downward pressure if Israel focuses on any other target.
Oil prices were also coming under selling pressure after China fell short of market expectations for increased government spending.
China's National Development and Reform Commission pledged more measures to boost the Chinese economy but gave little in the way of details.
The lack of concrete measures disappointed markets, given the numerous headwinds, from a prolonged housing crisis to sluggish consumption and local government debt.
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