The price of U.S. crude oil remains above $72 per barrel despite losing most of its 2024 gain.

• While the U.S. benchmark has increased by 0.91% for the year, Brent has lost all of its gains for 2024.
• The demand for gasoline in China is decreasing as people switch to electric vehicles and trucks are transitioning from diesel to liquid natural gas.

On Thursday, the price of U.S. crude oil surpassed $72 per barrel, despite losing much of its yearly gains due to weak demand in China and concerns about the U.S. economy.

While the global benchmark Brent crude has lost all its gains for 2024, the U.S. benchmark has only increased by 0.91% for the year.

On Wednesday, oil prices dropped over 1% as revised U.S. job growth data raised doubts about the strength of the global economy.

Goldman Sachs' head of oil research, Daan Struyven, stated that the demand outlook in China is a cause for concern in the global market.

According to Struyven, oil demand in China increased by 200,000 barrels per day in the first half of 2024, which is three times less than the average growth of 600,000 bpd from 2016 to 2019.

Here are today's energy prices:

• The September contract for crude oil is $72.28 per barrel, representing a 35 cent increase, or 0.49% gain. To date in the year, U.S. crude oil has experienced a 0.91% increase.
• The October contract price for oil is $76.51 per barrel, which represents a 46 cent increase or a 0.6% rise. However, year-to-date, the global benchmark has experienced a 0.67% decline.
• Nearly 1 cent higher, or 0.41%, the August contract price for gasoline is $2.21 per gallon. Year to date, gasoline has advanced by 5.3%.
• Nearly 3 cents higher, or 1.29%, is the August contract price of $2.14 per thousand cubic feet. Year to date, gas prices have decreased by 14.5%.

The slowdown in China can be attributed to the shift from gas cars to electric vehicles and trucks moving to liquid natural gas, according to the analyst.

Struvyen, speaking on CNBC's "Squawk Box Asia" on Wednesday, explained that while some of the slowdown in China's GDP growth and the rise in EVs is expected, the sudden shift to LNG from diesel is unexpected.