Crude prices edged away from nearly 7-year lows on Tuesday as China reported strong commodity imports despite economic weakness, but overall the market remained weak due to global oversupply compounded by OPEC’s decision to keep output high. Benchmark Brent and WTI futures both fell over 6 percent the previous session to reach 2015 lows, and they are closing in on levels last seen during the credit crunch of 2008/2009. Should they break through 2008/2009 lows, the next downward target would be levels not seen since the early 2000s. Internationally traded Brent futures LCOc1 were up 31 cents at $41.04 a barrel at 0805 GMT. U.S. crude CLc1 was trading at $37.82 a barrel, up just 17 cents from its last settlement and close to the 2015 and 7-year lows of the previous session. “The decision by […]