US diplomatic pressure on Israel and Hamas has helped accelerate ceasefire negotiations in Gaza and may reduce the risk of supply disruptions.

Concerns over China's economic slowdown also put pressure on crude oil prices, which might dampen oil demand. International crude oil prices fell on August 19.

West Texas Intermediate (WTI) crude for September delivery decreased by US$2.28 (3%), reaching US$74.37/barrel on the New York Mercantile Exchange.

Brent crude for October delivery fell by US$2.02 (2.5%), settling at US$77.66/barrel.