Oil prices were lower today falling to seven week lows as investors worried that demand from China. Market participants have been talking for days about a possible ceasefire deal in Gaza that could reduce the geopolitical risk premium for crude prices. A ceasefire deal with Hamas has “the potential to (remove) $4 to $7 (a barrel) of risk premium out of the market,” Bob Yawger, director of energy futures at Mizuho, said in a note. Manufacturing activity in China, the world’s largest crude importer, likely shrank for a third month in July, according to a Reuters poll. Chinese leaders have vowed to step up support for the economy, but investors expect such measures will be limited since the Third Plenum policy meeting largely reiterated existing goals. WTI traded down $1.08 or -1.4% to close at $74.73. Brent traded down $1.15 or -1.4% to close at $78.63.