Decline in China's imports of oil fell conducted at 62 dollars

Oil price still facing pressure because of the political and security escalation in the region, in addition to oversupply, and it seems according to an interview with experts in oil affairs, that oil stocks have not been built yet, here it is, the prices will continue to fluctuate, are closest to decline with falling imports by China of oil sharply and is expected to increase the supply of oil is increasingly in the markets in the wake of OPEC's decision to keep its policy not to reduce production.

According to "Reuters" data from the General Administration of Customs of China pointed out that China's largest net importer of oil bought quantities of crude oil in May, less by a quarter over the previous month. And also it landed its imports of oil products, including a little over 6%, while exports of products fell 10%.

The China report on the decline in import demand after OPEC agreed on Friday to adhere to its policy not to reduce production, which is currently more than 30 million barrels a day. Both of which led to a worsening of fears of a glut in the market where the store millions of barrels of crude oil in tanks without a buyer.

And it landed contracts for Brent crude prices to the nearest month maturity of 56 cents to $ 62.75 a barrel and US crude stood at 58.55 dollars a barrel, down 58 cents.