Oil Finishes Lower as Chinese Imports Plummet

Oil prices closed lower on Monday, giving up their two-year highs that were registered by the end of last week.

A drop in Chinese oil imports might have discouraged the positive expectations for demand recovery in the coming months.

Brent crude futures for August delivery declined by 40 cents, or 0.6%, to close at $71.49 per barrel.

Meanwhile, the West Texas Intermediate (WTI) crude futures for July delivery lost 39 cents, or 0.6%, to finish at $69.23 per barrel.

Earlier today, the U.S. benchmark crude futures went as high as $70 a barrel for the first time since October 2018.

The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Mohammad Barkindo, said today that the OPEC+ alliance expects decreasing crude inventories over the coming period.

It is worth noting that major producers recently decided to ease output cuts as the global economy recovers from the coronavirus pandemic.