Israel has accepted the United States' proposed ceasefire agreement for Gaza, easing concerns about supply stability around the Middle East. The market worries about China's weak economic data. International crude oil prices fell to a two-week low on August 20.

West Texas Intermediate (WTI) crude for October delivery decreased by US$0.49, reaching US$73.17/barrel on the New York Mercantile Exchange.

Brent crude for October delivery fell by US$0.46, settling at US$77.20/barrel.