Overview

• 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.