Oil prices declined on Wednesday after data showed a drop in China’s half-year crude imports while expectations for a further tightening of U.S. inventories offered support. Brent crude was down 38 cents, or 0.5%, at $76.11 a barrel by 0820 GMT. West Texas Intermediate was off by 46 cents, or 0.6%, at $74.79 a barrel. China’s crude imports dropped by 3% from January to June compared with a year earlier, the first such contraction since 2013, as import quota shortages, refinery maintenance, and rising global prices curbed buying. read more “Imports were scaled back as surging prices for crude oil have eroded refinery profit margins,” Eurasia Group said in a note. “If OPEC doesn’t agree to raise supply soon, high oil prices will also likely lead to demand destruction in even more cost-sensitive emerging markets, especially India,” Eurasia said. Disagreement oversupply policy within the […]