Oil declined after hitting $70 a barrel for the first time since October 2018 as a rally driven by signs of a tightening market stalled. Futures dropped 0.7% in New York after posting a second straight weekly gain. Despite oil falling on Monday, the long-term demand outlook remains bullish as vaccination rates climb worldwide, driving greater mobility. OPEC+ appears in control of crude prices , with U.S. production lagging pre-pandemic levels, according to Mike Muller, Vitol Group’s head of Asia. Chinese oil imports , meanwhile, fell to a five-month low as the nation’s private refiners held back on purchases amid scrutiny of government-issued quotas. The nation received the equivalent of 9.68 million barrels a day in May, according to Bloomberg calculations based on government data. A robust rebound from the virus in the U.S., China and Europe has driven prices more than 40% higher this year, although the Covid-19 […]