Oil prices traded lower on Tuesday as concerns over possible supply disruptions due to political instability in Russia eased and European Central Bank (ECB) President Christine Lagarde reiterated that the central bank will continue to increase rates in July.
The downside was capped by China growth optimism and hopes of U.S. demand ahead of the summer driving season.
Benchmark Brent crude futures fell 0.7 percent to $73.78 a barrel, while WTI crude futures were down 0.8 percent at $68.81.
Worries over supply disruptions eased somewhat after Yevgeny Prigozhin, Wagner group chief, said he had never intended to overthrow the Russian government and that his attempted coup against Russia was nothing more than a protest at the ineffectual conduct of the war in Ukraine.
Separately, Russian President Vladimir Putin accused Ukraine and its Western allies of wanting Russians to "kill each other" during the revolt, adding he took steps to avoid large-scale bloodshed.
Interest-rate worries persist, with ECB's Lagarde saying that interest rates must be sufficiently restrictive to battle inflation.
In news out of China, Premier Li Qiang, China's No. 2 leader, said today that growth has picked up this quarter and more stimulus was in store.
China's GDP growth in the second quarter is likely to be higher than the first and could reach the annual economic growth target of around 5 percent, Li Qiang said while addressing a World Economic Forum summit in Tianjin.
