TOKYOSINGAPORE, Oct 22 Reuters Oil prices eased on Tuesday as the top U.S. diplomat renewed efforts to push for a ceasefire in the Middle East and as slowing demand growth in China, the world39;s top oil importer, continued to weigh on the market.
Brent crude futures for December delivery were down 60 cents, or 0.8, at 73.69 a barrel at 0717 GMT. U.S. West Texas Intermediate crude futures for November delivery were 6 cents lower at 70.50 a barrel on the contract39;s last day as the front month.
The more actively traded WTI futures for December , which will soon become the front month, fell 57 cents, or 0.8, to 69.47 per barrel.
Both Brent and WTI settled nearly 2 higher on Monday, recouping some of last week39;s more than 7 decline, with no letup of fighting in the Middle East and the market still nervous about Israel39;s expected retaliation against Iran potentially leading to a disruption of oil supply.
Monday39;s gains can be attributed to technical profit taking and short covering given oil39;s bearish trend with forecasts pointing towards softer demand and oversupplied oil markets, said Priyanka Sachdeva, senior analyst at Phillip Nova, a brokerage firm.
U.S. Secretary of State Antony Blinken arrived in Israel on Tuesday, the first stop on a Middle East tour in which he will seek to revive talks to end the Gaza war and defuse the spillover conflict in Lebanon.
Crude oil prices have been fluctuating in response to mixed news from the Middle East, as the…