Oil steady as concern over Iran sanctions offset weak Chinese imports
China’s July crude imports were at their third-lowest this year, and US crude stocks fell by 6-million barrels last week
Singapore/London — Oil prices steadied on Wednesday despite relatively weak Chinese import data as the market was still supported by falling US crude inventories and the introduction of sanctions against Iran. Front-month Brent crude oil futures were at $74.85 a barrel at 9.51am GMT, up 20c, or 0.25%, from their last close. US West Texas Intermediate (WTI) crude futures were at $69.35 a barrel, up 18c. China’s crude imports recovered slightly in July after falling for the previous two months, but were still among the lowest this year due to a drop-off in demand from the country’s smaller independent, or "teapot", refineries. Shipments into the world’s biggest importer of crude came in at 36.02-million tonnes last month, or 8.48-million barrels per day (bpd), rising from 8.18-million bpd a year earlier and just up on June’s 8.36-million bpd, customs data showed. Singapore-based brokerage Phillip Futures said an escalating trade dispute between the US and China has "unnerved investors...
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