Crude oil futures drifted lower following a spurt in previous session as the commodity yet again witnessed some profit selling pressure on rising US output and weak Chinese imports data. Further losses are expected ahead of the US Federal Reserve meet today. The Fed is expected to stay on course to raise interest rates on Wednesday. WTI Crude oil futures have slipped under $ 66 per barrel and currently trade at $ 65.97 per barrel, down 0.59% on the day. MCX Crude oil futures are currently trading at Rs 4480 per barrel, up 0.18% on the day after testing a low of Rs 4444 per barrel.
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.