Imports of crude oil to China from Iran bounced back to their highest level in six months this past December, according to Bloomberg.
The energy commodity is poised to be one of this year’s strongest performers, senior broker Kurt Pfafflin with Daniels Trading said. China purchased 2.52 million metric tons of oil from Iran in December after the U.S. renewed an exemption from penalties administered on banks that process payments for oil from the Middle Eastern nation.
“The annual decrease in imports was within expectations and safely in the range of 20 percent to 30 percent in crude cuts required by the U.S.,” oil analyst Li Li with commodity researcher C1 Energy in Shanghai told the news source on Monday. “China will continue to import limited crude from Iran just to get around the U.S. as a political compromise.”
At 10 a.m. on Monday, WTI crude oil futures lost 0.45 percent, a 43-cent slip to $95.13 per barrel. Brent crude oil futures fell 0.29 percent, a 33-cent drop to $111.56 per barrel.
Monday’s losses come after the energy commodity drove to its top value in four months last week, the International Business Times reports
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