Oil price fell on Wednesday as Chinese crude imports slipped to their lowest level in a year, although traders said the overall market remains well supported on the back of OPEC-led supply cuts.
Traders said the market was eyeing growing tensions in the Middle East with concern, keeping a cautious tone on trade, reports Reuters.
Brent futures LCOc1, the international benchmark for oil prices, were at $63.38 per barrel at 0617 GMT, down 31 cents, or 0.5 per cent, although still not far off a near two-and-a-half year high of $64.65 a barrel reached earlier this week.
US West Texas Intermediate (WTI) crude CLc1 was at $56.89 per barrel, down 31 cents, or 0.5 per cent, from their last settlement, but also still not far off the $57.69 a barrel reached earlier this week - the highest since July 2015.
China’s October oil imports fell sharply from a near record-high of about 9 million barrels per day (bpd) in September to just 7.3 million bpd in October, data showed on Wednesday.
Overall, oil markets remain well supported largely due to an ongoing effort lead by the Organization of the Petroleum Exporting Countries (OPEC) and Russia to withhold supplies in order to prop up prices.
With crude more than 40 per cent up since June, oil-consuming industries are feeling the pinch.