Oil prices were lower today trading down as fears of tensions in the Middle East may have been overblown. “It seems like the market has come around to the idea that – even as horrific as these episodes are – they are not likely to cause a region-wide conflict,” said John Kilduff, partner at Again Capital in New York. Data released this month showed that China’s total fuel oil imports dropped 11% in the first half of 2024, raising concerns about the wider demand outlook in the world’s biggest crude importer. Meanwhile, markets are keeping a watch on oil producer Venezuela after the country’s electoral authority said that President Nicolas Maduro had won a third term with 51% of the vote despite multiple exit polls pointing to an opposition win. WTI traded down $1.35 or -1.8% to close at $75.81. Brent traded down $1.35 or -1.7% to close at $79.78.