Oil prices fall as China’s crude imports tumble, OPEC keeps production high

Crude oil prices fell on Monday as China’s oil imports dropped sharply and markets were expected to be increasingly oversupplied following OPEC’s decision to keep its production targets unchanged.

China, the world’s biggest net oil importer, bought nearly a quarter less crude in May than it did in the previous month, according to data from China’s General Administration of Customs. Its imports of oil products also fell just over six percent while product exports fell 10 percent.

Front-month Brent futures dropped 56 cents to $62.75 a barrel by 0313 GMT. US crude was at $58.55 per barrel, down 58 cents.

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.

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Posted in: Indian Market Tips