Oil settles lower as supply concerns ease

Oil drilling rigs

Oil prices declined on Tuesday after US President Donald Trump's 50-day deadline for Russia to end the war in Ukraine and avoid sanctions.

Brent crude futures for September delivery dropped 0.72%, or 50 cents, to settle at $68.71 per barrel.

WTI crude futures for August delivery fell 0.69%, or 46 cents, to $66.52 per barrel.

This came after Trump announced two steps aimed at pressuring Russia to end the war in Ukraine, including supplying new weapons to Kyiv and threatening economic sanctions on Moscow if no peace deal is reached within 50 days.

Limiting the decline in oil prices, official data showed that China’s economy grew by 5.2% year-on-year in the second quarter, exceeding forecasts of 5.1%.