Since WTI plunged into negative territory in April for the first time on record, oil prices have staged a big comeback. WTI jumped nearly 90% in May, and has posted monthly gains ever since. The gains were, of course, on the back of record lows, but prices moved higher as international producers scaled back production in an effort to counteract the demand drop-off caused by the pandemic. But in recent sessions prices have begun to trend lower. WTI fell during Monday’s session after registering a 7.45% loss in the prior week, snapping a four-week win streak and posting its worst weekly decline since June.

Tuesday’s move lower followed Saudi Aramco cutting its official selling prices for October, which RBC’s Helima Croft said triggered new demand concerns. In a recent note to clients, Bank of America said that it will take three years for demand to recover from Covid-19, assuming there’s a vaccine or cure. The firm believes peak oil will come as soon as 2030 due in part to electric car proliferation.

sRising U.S.-China trade tensions, as well as production coming back online also pressured prices on Tuesday, as did a stronger U.S Dollar. “The market has its eye on the big picture: where and when we see demand normalize globally and what happens with both US production and OPEC+ agreement over the medium term,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Management.