WTI Sheds Nearly 3% as China Demand Dulls

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 2:46 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…