08:43 AM EDT, 08/20/2024 (MT Newswires) -- Oil prices steadied early on Tuesday following two losing sessions that came on weak demand from China and easing geopolitical tension.

West Texas Intermediate crude oil for September delivery was last seen up US$0.08 to US$74.45 per barrel, while October Brent crude, the global benchmark, was up US$0.14 to US$77.80.

Oil is down 6.8% over the past month on weak demand from China, the No.1 importer, as the country's economy continues to struggle while the country's government has yet to back effective stimulus measures.

"The main culprit is China, whose economic struggles are mirrored in falling product exports figures, sluggish refinery runs and waning thirst for foreign crude oil. Consumers are not spending, yet the communist leadership seems reluctant to provide much needed support to ameliorate economic conditions and left the pivotal one-year loan prime rate unchanged," PVM Oil Associates noted.

Easing geopolitical worries have also weighed on oil, as Iran continues to hold off on retaliating against Israel for the assassination of senior leaders in the Hamas and Hezbollah militant groups earlier this month. Ceasefire talks aimed at halting Israel's war on Hamas in Gaza are also showing progress as U.S. Secretary of State Antony Blinken presses the Netanyahu government to reach a deal.

"US Secretary of State Antony Blinken is in Israel pushing for a ceasefire and hostage release, with further negotiations in Cairo this week, potentially easing geopolitical tensions and reducing the oil risk premium ... Secretary Blinken has urged Israel and Hamas to seize what may be the last chance for a ceasefire and hostage deal, but the situation remains tense with ongoing violence and skepticism about reaching an agreement," Svetlana Tretyakova, a senior analyst at Rystad Energy, said in a note.