NEW YORK: Oil futures fell about 2 percent in choppy trading on Tuesday on forecasts for slower growth of oil demand in China, the world’s second-biggest oil consumer, and disappointment with the size of cuts in China’s key lending rates.

Brent futures for August delivery fell $1.11, or 1.5%, to $74.98 a barrel by 11:28 a.m. EDT (1528 GMT). US West Texas Intermediate (WTI) crude for July delivery fell $1.66, or 2.3%, to $70.12 on its last day as the US front-month contract.

The more active WTI contract for August delivery, which will soon be the US front-month, was down about 2.2% at $70.31 a barrel.

China cut its benchmark loan prime rates (LPR) for the first time in 10 months, with a smaller-than-expected 10-basis-point reduction in the five-year LPR.