Oil prices were lower again today falling to six-week lows pushing both benchmarks into technically oversold territory. Diesel futures also settled to their lowest in six weeks with gasoline futures closing at their lowest in five weeks. “Ceasefire negotiations in the Middle East and an uncertain macroeconomic outlook in China are exerting downward pressure on oil prices this week,” Claudio Galimberti, global market analysis director at Rystad said in a note. Growing bets on interest rate cuts in September, however, could provide a floor to oil prices, as lower borrowing costs tend to support oil demand. European Central Bank Vice-President Luis de Guindos hinted at a possible interest rate cut in September, while in the U.S., investors are betting the Federal Reserve will cut interest rates in September. WTI traded down $1.44 or -1.8% to close at $76.96. Brent traded down $1.39 or -1.7% to close at $81.01.