WTI oil closed down 39 cents on concerns about China’s cuts in crude oil imports.
New York’s West Texas Intermediate (WTI) crude futures closed lower last night (June 7) after it was reported that China’s crude imports fell more than 14 percent in May, while investors were eyeing talks between the United States and Iran on a nuclear deal this week. Including the US crude inventories report on Wednesday.
WTI crude oil contract for delivery in July It was down 39 cents, or 0.6%, to close at $69.23 a barrel.
Brent crude oil contract (BRENT) for delivery in August. It was down 40 cents, or 0.6%, at $71.49 a barrel.
Crude oil futures fell after the China Customs Agency (GAC) reported yesterday that China’s crude oil imports fell 14.6 percent in May to 9.65 million barrels per day. Compared to April, which was at 9.82 million barrels per day. and a sharp drop compared to May last year, which was 11.3 million barrels per day. The factor that contributed to the decline in crude oil imports in May came from the closure of several refineries for maintenance.
Investors are keeping an eye on Iran and the United States and other world powers, which will enter into the fifth round of negotiations for the 2015 nuclear deal on June 10 in Vienna. If the talks are successful, the US could lift sanctions on Iran. As a result, Iran can return to export oil again.
A European diplomat expressed confidence that Such talks could reach an agreement this week. But some said The meeting continued to face difficult decisions on a number of issues.
Analysts predict that If the US lifts sanctions on Iran It will allow Iran to produce more oil. 500,000-1,000,000 barrels/day
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