Crude Corrects Yet Again, WTI Futures Under $66 Levels

Crude oil futures drifted lower today following a spurt in last session as the commodity yet again witnessed some profit selling pressure on rising US output and weak Chinese imports data. A mixed undertone prevailed in equities following the following the historical meeting between US president and North Korean leader Kim Jong Un in Singapore. WTI Crude oil futures slipped under $ 66 per barrel and currently trade at $ 65.89 per barrel, down 0.32% on the day. MCX Crude oil futures are currently trading at Rs 4454 per barrel, down 0.40% on the day.

Chinas crude oil imports dropped in May from the record-high in April. Chinas crude oil imports in May stood at 9.23 million barrels per day or 39.05 million mt, down 4.2% from the record high in April on a barrels per day basis, preliminary data released by the General Administration of Customs showed. The country had imported 9.64 million b/d of crude oil in April.