Oil prices slip as China import drop signals demand risk
14 Jul 2021 | Economic News
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Oil prices fell on Wednesday over fresh concerns about demand after data showed that China's first-half crude imports dropped, but were still holding near a one-week high amid worries about supplies as the world recovers from the coronavirus pandemic.
Brent crude was down 8 cents, or 0.1%, at $76.41 a barrel by 0602 GMT, after gaining 1.8% on Tuesday. West Texas Intermediate was off by 15 cents, or 0.2%, at $75.10 a barrel, having jumped 1.6% in the previous session.
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
Disagreement over supply policy within the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, known as OPEC+, led to the end of talks last week on boosting production without agreement.
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