On Wednesday, crude prices went down because Chinese crude imports declined to their lowest value in a year. However, market participants told the overall market is still backed due to OPEC-led supply cuts.
Investors told they were monitoring growing tensions in the Middle East, especially those between regional counterparts Iran and Saudi Arabia.
Brent futures showed $63.33 a barrel, losing 0.6%. The given sag actually follows Brent soaring to an over two-year maximum of $64.65 earlier this week.
As for American West Texas Intermediate crude futures, they demonstrated $56.90 a barrel, descending 0.5% from their previous settlement.
China’s October crude imports went down abruptly from September’s nearly record-maximum of nearly 9 million barrels a day to about 7.3 million bpd. That’s what the General Administration of Customs informed on Wednesday. It turns to be the lowest outcome since October 2016, although imports managed to gain 7.8% from 2016.