Oil prices fell in Asian trade Monday, after China reported a drop in its oil imports and as the impact of the Organization of the Petroleum Exporting Countries’ decision to keep its production level unchanged trickled through. Investors are also expected to turn their attention to the June 30 deadline for the Iran nuclear deal that could pave the way for the lifting of Western sanctions and more Iranian oil hitting the oil market. On the New York Mercantile Exchange, light, sweet crude futures for delivery in July traded at $58.54 a barrel at 0322 GMT, down $0.59 in the Globex electronic session. July Brent crude on London’s ICE Futures exchange fell $0.56 to $62.75 a barrel. Oil markets have struggled to sustain a price rally as bearish supply indicators such as Saudi Arabia’s record output have offset signs of a decline in U.S. shale oil production. This bearishness […]