Oil prices were lower today tanking to their lowest levels as there are signs of a deal to resolve a dispute with Libyan crude production and exports. China reported on Monday that new export orders fell for the first time in eight months in July and that prices of new homes rose in August at their weakest pace this year. Hopes that the U.S. driving season would propel prices to new 2024 highs this summer have also failed to materialize, said Fawad Razaqzada, a market analyst at Forex. U.S. gasoline futures fell nearly 6% to their lowest since December 2021, as the end of the summer driving season weighed on demand for the motor fuel. “The fact that recent data shows no signs of any acceleration in import demand in China, Europe or North America points to a situation where the oil market is not going to be as tight as expected a few months ago,” Razaqzada said. WTI traded down $.321 or -4.4% to close at $70.34. Brent traded down $3.77 or -4.9% to close at $73.75.