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Oil prices traded lower on the Friday's decision by the OPEC and on lower Chinese oil imports. The OPEC decided last week to keep its oil production unchanged at 30 million barrels a day.

 

 

"Member Countries, in agreeing to this decision, confirmed their commitment to a stable and balanced oil market, with prices at levels that are suitable for both producers and consumers," the OPEC noted.

 

 

Chinese oil imports plunged 11% in May from a year earlier.

 

 

WTI crude oil for July delivery declined to $58.29 a barrel on the New York Mercantile Exchange.

 

 

Brent crude oil for July fell to $62.66 a barrel on ICE Futures Europe.

 

 



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