Weak Chinese demand indicators continued to drag oil prices down on Monday, with the U.S. benchmark poised to lose nearly 3% and Brent crude not far behind
. At 246 p.m. ET on Monday, West Texas Intermediate WTI was trading down 2.75% at $74.54, while Brent crude was trading down 2.32% at $77.83. Gaza ceasefire talks underway on Monday and billed as “probably the best, maybe the last opportunity” to achieve a ceasefire deal were also thought to be putting downward pressure on oil prices . However, China demand appears to be the main driver, with on-and-off Gaza ceasefire talks typically resulting in very brief and shifting sentiments.
The sentiment over the past few days seems to be one of recognition that the Chinese economy will not be recovering as swiftly as was anticipated. 'We currently see long-term trends in global oil demand tilting lower with a much softer than expected Chinese economic recovery providing primary impetus in this regard,' Jim Ritterbusch of Ritterbusch and Associates told Reuters on Monday.
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