Prices of oil sags on declining Chinese crude imports

Brent Oil for investing

Wednesday, Chinese crude imports have dropped to their lowest level in a year, making prices of oil fall. The international benchmark: Brent crude futures were seen settling at $63.55 a barrel, which was down by 0.2% or 14 cents from their previous settlement. The United States West Texas Intermediate traded at $56.99 a barrel, which was down by 0.4% or 22 cents from their last close.

Given these prices change in the market, traders and analysts claimed that the oil market still remained well supported, due to the efforts lead by the OPEC deal. In addition, both Brent and the United States WTI prices, were still hovering near two-and-a-half year high of $64.65 per barrel for the international benchmark and $57.69 a barrel for U.S. WTI, which was both capped earlier this week.

In accordance to the recent fall in the Chinese oil imports, according to the data from the General Administration of Customs which was presented on Wednesday: China’s October crude imports sharply fell to 7.3 million barrels per day, which was a massive drop from 9 million bpd recorded on September.

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