Oil Prices Drop Amid China Demand Concerns and Gaza Ceasefire Efforts

Global oil markets react to weakened Chinese economy and potential Middle East ceasefire, impacting supply and demand dynamics.

West Texas Intermediate dropped 3% to near $74 a barrel, marking the biggest decline in over two weeks.
China's economic slowdown and decarbonization efforts are reducing oil demand, affecting global prices.
Ceasefire talks between Israel and Hamas, mediated by the US, are influencing market sentiment.
Libya's Waha oil field has resumed normal production, but the Sharara field remains offline.
OPEC+ is monitoring the situation closely, with potential adjustments to supply planned for the next quarter.