Oil slips on weaker demand from China

London — Oil prices declined on Wednesday after data showed a drop in China’s half-year crude imports while expectations for a further tightening of US inventories offered support.

China’s crude imports dropped by 3% from January to June compared with a year earlier, the first such contraction since 2013, as import quota shortages, refinery maintenance and rising global prices curbed buying. “If Opec doesn’t agree to raise supply soon, high oil prices will also likely lead to demand destruction in even more cost-sensitive emerging markets, especially India,” Eurasia said.

“Oil is unlikely to break out of its July highs until some clarity appears over resolving the ... production standoff,” said Jeffrey Halley, senior market analyst at Oanda.

Source: News Formal (newsformal.com)

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