Oil Prices Slip

Oil Prices Slip
Oil Prices Slip

Oil prices fell on Wednesday over fresh concerns about demand after data showed China's first-half crude imports dropped, but were still holding near a one-week high amid worries about supplies as the world recovers from the coronavirus pandemic. 
Brent crude was down 8 cents, or 0.1%, at $76.41 a barrel, after gaining 1.8% on Tuesday. West Texas Intermediate was off by 15 cents, or 0.2%, at $75.10 a barrel, having jumped 1.6% in the previous session, CNBC reported.
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.
"Imports were scaled back as surging prices for crude oil have eroded refinery profit margins," Eurasia Group said in a note.
"If OPEC does not agree to raise supply soon, high oil prices will also likely lead to demand destruction in even more cost-sensitive emerging markets, especially India," Eurasia said.
Disagreement over supply policy within the Organization of Petroleum Exporting Countries, Russia and other producers, known as OPEC+, led to the end of talks last week on boosting production without agreement.

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