Economic news

Oil decreases because of data on China’s imports

Prices of oil moved lower today following data from China showing low figures on import, while a slide in U.S. crude stockpiles and reinstated sanctions on Iran propped the market.

Photo: Reuters

Brent futures for the next month held at $74.50 for a barrel, lessening by 15 cents from the end of last session.

U.S. WTI futures inched down to $69.15 a barrel, 2 cents lower compared to the previous settlement.

Phillip Futures company headquartered in Singapore today said that the exacerbation of trade conflict between the U.S. and China has affected investors in relation to the outlook of diminished crude demand growth globally.

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