SULAIMANI (ESTA) — Oil prices fell on Wednesday on future demand concerns after data showed that China’s first-half crude imports dropped.
Brent crude futures dropped 10 cents to $76.39 a barrel at 0634 GMT, after gaining 1.8% on Tuesday.
U.S. West Texas Intermediate (WTI) was down 17 cents at $75.08 per 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, according to Reuters.
“Imports were scaled back as surging prices for crude oil have eroded refinery profit margins,” Reuters quoted Eurasia Group as saying.
“If OPEC doesn’t agree to raise supply soon, high oil prices will also likely lead to demand destruction in even more cost-sensitive emerging markets, especially India,” Eurasia said.
