Oil declined alongside a broader market sell-off, with prices losing some momentum after hitting $70 a barrel in New York for the first time in over two years. U.S. benchmark crude futures were largely weaker on Monday after failing to sustain a move beyond the psychological $70-a-barrel level. Chinese oil imports, a major reason behind this year’s rally, fell to a five-month low in May as private refiners held back on purchases amid scrutiny of government-issued purchases quotas. Adding pressure on prices, U.S. equities declined with investors weighing inflation risks. “The market has found resistance,” said Gary Cunningham, director at Stamford, Connecticut-based Tradition Energy. “Prices ran up to $70 and just couldn’t keep the momentum going. We’re not seeing enough global demand” to justify a sustained move […]