TOKYO (Reuters) – Oil prices fell on Wednesday on future demand concerns after data showed that China’s first-half crude imports dropped, but were still holding near a one-week high amid concerns 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 0141 GMT, after gaining 1.8% on Tuesday. West Texas Intermediate was off by 13 cents, or 0.2%, at $75.12 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.
