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Oil slips again amid concern over pickup in demand By Reuters

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© Reuters. FILE PHOTO: The moon rises behind the storage tanks of a local oil refinery in Omsk, Russia, June 5, 2020. REUTERS / Alexey Malgavko

TOKYO (Reuters) – Oil prices lost more ground on Tuesday as concerns about the fragile state of the global recovery in demand for crude oil and fuels rose on data showing that China’s oil imports fell in May. .

it was down 11 cents, or 0.2%, to $ 71.38 a barrel at 0151 GMT, after falling 0.6% overnight. US oil fell 13 cents, or 0.2%, to $ 69.10 a barrel, after falling 0.6% in the previous session.

“Chinese oil imports at a five-month low … would tend to confirm weakness in the Asian market,” said Bob Yawger, director of energy futures at Mizhuo Securities.

China’s crude imports fell 14.6% in May, from a high level a year earlier, with daily arrivals at the lowest level this year, as maintenance at refineries limited demand for oil purchases. .

Crude prices have risen in recent weeks, Brent was up nearly 40% this year and WTI gained more than that, amid expectations that demand will return as some countries manage to vaccinate populations against it. COVID-19.

Supply restriction by the Organization of the Petroleum Exporting Countries and its allies has also helped prop up prices.

But major oil importers like India have been through waves of infections that continue to threaten the expected rebound in global demand in the second half of this year.

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