8 Jun 2015
Oil weakens as China’s crude imports fall
FXStreet (Mumbai) - Crude prices at both the sides of the Atlantic fell on Monday after the data in China showed oil imports dropped sharply.
China, the world's biggest net oil importer, bought nearly a quarter less crude in May than it did in the previous month. China’s fall in imports comes after the OPEC group left its daily production unchanged at 30 million barrels per day (bpd).
However, prices came under pressure as OPEC ministers said the group may even exceed the 30 million bpd target, especially if there is an increase in production and exports from Libya, Iraq or Iran.
Front month WTI Crude futures fell 0.81% or 48 cents to trade at USD 58.68/barrel, while Brent futures fell 0.56% or 36 cents to trade at USD 62.95/barrel.
China, the world's biggest net oil importer, bought nearly a quarter less crude in May than it did in the previous month. China’s fall in imports comes after the OPEC group left its daily production unchanged at 30 million barrels per day (bpd).
However, prices came under pressure as OPEC ministers said the group may even exceed the 30 million bpd target, especially if there is an increase in production and exports from Libya, Iraq or Iran.
Front month WTI Crude futures fell 0.81% or 48 cents to trade at USD 58.68/barrel, while Brent futures fell 0.56% or 36 cents to trade at USD 62.95/barrel.