Oil drops again on doubts over demand rebound | Reuters
Oil prices extended their losses on Tuesday as concerns about the fragile state of the global recovery in demand for crude and fuels were heightened by data showing China’s oil imports fell in May.
Brent crude was down 49 cents, or 0.7%, at $71.00 a barrel by 0643 GMT, after declining 0.6% overnight. U.S. oil was off by 44 cents, or 0.6%, at $68.79 a barrel, having dropped by 0.6% in the previous session.
“Chinese oil imports at a five-month low ... would tend to confirm weakness in the Asia market,” said Bob Yawger, director of energy futures at Mizhuo Securities.
China’s crude imports were down 14.6% in May, from a high level a year earlier, with daily arrivals at the lowest level this year, as maintenance at refineries limited demand for oil purchases.
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