05:02 AM EDT, 10/22/2024 (MT Newswires) -- Crude oil prices edged lower early Tuesday as the U.S. renewed efforts to push for a ceasefire in the Middle East, exacerbating the impact of slowing demand growth in China.

Brent crude lost 0.4% to US$73.99 per barrel and West Texas Intermediate crude fell 0.4% to US$70.31/b at last look.

U.S. Secretary of State Antony Blinken arrived in Israel on Tuesday as he tours the Middle East in an effort to end the Gaza war and defuse the conflict in Lebanon.

Meanwhile, China on Monday cut benchmark lending rates following reductions to other policy rates last month as part of stimulus measures to bolster its economy. China's oil demand growth is expected to remain weak in 2025, however, as the country electrifies its car fleet and grows at a slower pace, Reuters quoted the head of the International Energy Agency as saying.