NEW YORK (Reuters) – Oil prices pulled back on Monday after touching two-year highs on expectations of improved demand and OPEC producers keeping supply curbs in place.
Prices retreated from session highs early, and analysts cited pressure from Chinese data showed crude oil imports fell to a year’s low in May.
“That took away some of the enthusiasm that the oil bulls had seen,” said Phil Flynn, senior analyst at Price Futures Group in Chicago.
Brent crude settled at $71.49 a barrel, falling 40 cents after hitting $72.27 a barrel, its highest since May 2019.
U.S. West Texas Intermediate settled at $69.23 a barrel after touching $70 for the first time since October 2018.
