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Crude oil prices fall on drop in Chinese imports; Brent crude reaches $76.41 per barrel
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 U.S. stockpiles of oil and gasoline inventories fell last week, according to two market sources on Tuesday, citing American Petroleum Institute figures Reuters
Updated Jul 14, 2021, 9:12 AM IST
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.
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.
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