Oil prices were lower today and lower week over week as some of the fear premium over Middle East tensions has left the market. At the same time US jobs data remained pretty strong and indications from the Fed also added to worries of more rate hikes to come. “The market is taking this conflict in its stride, as it looks to be neither a significant demand or supply disruption event,” said John Kilduff, partner at Again Capital LLC in New York. On the other side of the world Chinas economic woes continue as October sales grew at the softest rate in 10 months and employment stagnated. China is the worlds largest oil consumer and any economic downturn in the PRC could have broad repercussions for the global oil market. WTI traded down $1.95 or -2.4% to close at $80.51. Brent traded down $1.92 or -2.3% to close at $84.89.