LONDON, July 23 Reuters Oil prices dipped on Tuesday as growing expectations of a ceasefire in the war in Gaza weighed on prices, more than offsetting news of a potential September interestrate cut in the European Union that supported sentiment.

Brent crude futures for September fell 39 cents to 82.01 a barrel by 1135 GMT. U.S. West Texas Intermediate crude for September dropped 39 cents to 78.01 per barrel.

Oil prices declined in the previous two sessions.

European Central Bank VicePresident Luis de Guindos hinted at a possible interest rate cut in September, buoying investor sentiment on Tuesday as lower borrowing costs support oil demand and prices.

The ECB left rates on hold last week but President Christine Lagarde said the next meeting in September was wide open, with several policymakers openly considering more cuts as inflationary pressures ease.

Oil is rangetrading, only moderately up, and that support might come from most European stock markets in positive territory, benefiting from a risk on environment, said UBS analyst Giovanni Staunovo.

In the U.S., some players are also betting on September rate cuts by the Federal Reserve.

In the Middle East, efforts to reach a ceasefire deal between Israel and militant group Hamas, under a plan outlined by U.S. President Joe Biden in May and mediated by Egypt and Qatar, have gained momentum over the past month.

Biden is expected to meet Israeli Prime Minister Benjamin Netanyahu on Thursday at the White House,…