Oil prices fell today by more than $2 on the prospect of successful Middle East talks and weakness in the Chinese economy. “This market is under pressure under expectations that they’re going to continue to hammer away at the ceasefire talks,” said Bob Yawger, director of energy futures at Mizuho in New York. China’s economic problems also pressured oil prices, with data last week showing new home prices falling at the fastest pace in nine years. Chinese refineries sharply cut crude processing rates last month in response to weak fuel demand. Energy investors also awaited clues on the U.S. Federal Reserve’s next interest rates decision. A slim majority of economists polled by Reuters said they expected that the Fed would cut interest rates by 25 basis points at each of the remaining three meetings this year, one more reduction than predicted last month, and that a recession was unlikely. WTI traded down $2.28 or -3% to close at $74.37. Brent traded down $2.02 or -2.5% to close at $77.66.