Oil Slips With Rally Cooling After Run-Up to $70 in New York
- Demand recovery still patchy, despite higher traffic in Europe
- Chinese crude imports fell to a five-month low last month
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Oil declined alongside a broader market sell-off, with prices losing some momentum after hitting $70 a barrel in New York for the first time in over two years.
U.S. benchmark crude futures were largely weaker on Monday after failing to sustain a move beyond the psychological $70-a-barrel level. Chinese oil imports, a major reason behind this year’s rally, fell to a five-month low in May as private refiners held back on purchases amid scrutiny of government-issued purchases quotas. Adding pressure on prices, U.S. equities declined with investors weighing inflation risks.