Crude oil prices fell on Monday as China’s oil imports dropped sharply and markets were expected to be increasingly oversupplied following OPEC’s decision to keep its production targets unchanged. China, the world’s biggest net oil importer, bought nearly a quarter less crude in May than it did in the previous month, according to official data. Its imports of oil products also fell just over six percent while product exports fell 10 percent. [TRADE/CN] China’s fall in imports came after the Organization of the Petroleum Exporting Countries (OPEC) agreed on Friday to stick to its policy of high output, which stands above 30 million barrels per day, exacerbating worries about a glut in a market where millions of barrels of crude are stored without a buyer. “Crude demand/supply remains in excess of supplies,” said Yasushi Kimura, president of the Petroleum Association of Japan (PAJ) after OPEC’s decision. Front-month Brent […]