The WTI continuous its downward trajectory the last seven days. The steady decline in benchmark prices is due to weaker than expected data from China, and a US pressure on Israeli Prime Minister Netanyahu to conclude the cease-fire in Gaza.
Whatever risk premium was left quickly evaporated as US Secretary of State Antony Blinken pushed for deescalating in the conflict. US energy demand concerns are undercutting crude prices after the US Bureau of Labor Statistics (BLS) revised US payrolls down more than expected.
Figure 1. WTI Still in a Downward Trajectory
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