Oil prices for front-month deliveries fell to their lowest level in seven weeks on Monday as concerns about demand in the world's second-largest crude importer, China, continued to grow after the latest data showed that consumption plunged in June.
Data from the General Administration of Customs reveals that China's oil product imports fell by 11% in June compared to the same period last year, averaging 11.3 million barrels per day. This decline marks the largest year-over-year drop in crude imports since June 2022.
West Texas Intermediate (WTI) for September contracts slumped 1.87% to sell at $75.73 per barrel at 11:59 am ET. For the same month's settlements, Brent declined 1.67% to trade at $78.95 a barrel.
