Oil prices slip as China import drop signals demand risk | Reuters

Oil prices slip as China import drop signals demand risk | Reuters

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. read more

"Imports were scaled back as surging prices for crude oil have eroded refinery profit margins," Eurasia Group said in a note.