Crude oil prices drifted lower on Monday, coming off 2-1/2-year highs, after data showed a drop in China’s crude oil imports in April.
Traders also seemed to be weighing the prospects of Iranian oil coming into the market. Iran and global powers will enter a fifth round of talks on June 10 in Vienna that could include Washington lifting economic sanctions on Iranian oil exports.
However, the downside was limited as traders continued to hope demand for energy will see a significant increase in the U.S. and Europe. In India, Delhi and Mumbai have begun to ease coronavirus restrictions.
West Texas Intermediate Crude oil futures for July ended down by $0.39 or about 0.6% at $69.23 a barrel, coming off an early high of $70.00 a barrel.
Brent crude futures shed about $0.40 or 0.6% at $71.49 a barrel.
Data from China showed crude imports during January – May 2021 rose by 2.3% year-over-year. However, imports in May totaled 9.69 million barrels a day, down from 9.86 million barrels a day in the previous month. Year-over-year, that was down as much as 14.6%.
The material has been provided by InstaForex Company – www.instaforex.com