Oil futures: Crude slides to fresh two-month lows, Brent below $79/b 

Quantum Commodity Intelligence – Crude oil futures in Tuesday were on the slide having having tumbled to the lowest levels since early June, marking a third session of price retreats.

Front-month Sep24 ICE Brent futures were trading at $78.67/b (1830 GMT), compared to the day's low of $78.43 /b Monday's settle of $79.78/b.

At the same time Sep24 NYMEX WTI was trading at $74.73/b versus Monday's settle of $75.81/b.

Both benchmarks tested the lowest prices since the aftermath of the last OPEC+ meeting when the group announced its plan to start unwinding some cuts from October.

The sharp retreat in July has largely been led by concerns over a slowdown in China's growth rate, which in turn is likely to weigh on oil demand.

"The crude oil market is struggling to move higher even as there's evidence that the supplies are tightening. Ongoing concerns about the Chinese economy still seems to be one of the things that is holding us back," said Phil Flynn of The Price Futures Group, although noted US demand still looks robust.

Meanwhile, Citi reduced its China's growth forecast to 4.8% from 5% for the year, coming after Beijing missed its Q2 target, while economic activity softened further in July.

Investors continue to monitor developments in the Middle East, but without an immediate threat to oil supplies, the events have been sidelined by oil traders.

Israeli PM Benjamin Netanyahu promised a "harsh" reaction to the weekend rocket attack on the Golan Heights.

"The state of Israel will not and cannot let this pass. Our response will come, and it will be harsh," he said in comments after visiting the region.

However, reports of strikes on Beirut helped lift prices off lows late in the session.