The substantial decline in oil prices, with Brent at $79.55 and WTI at $76.52 per barrel, signals apprehensions regarding a potential demand drop from China.
Indicators of a cooling Chinese economy, such as falling housing prices and rising unemployment, have driven a massive sell-off in oil markets, exacerbating price declines.
Ongoing geopolitical tensions in the Middle East continue to support the oil market; however, recent peace negotiations could ease supply pressures and affect prices.
Despite the geopolitical instability from the Russia-Ukraine conflict, the market is prioritizing concerns over China's economic slowdown, reflecting a shift in focus regarding oil demand.
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