Crude oil futures ended lower on Monday after Chinese data showed the nation’s crude oil imports fell to a year’s low in May. Further, traders also seemed to be weighing the prospects of Iranian oil coming into the market. Iran and global powers will enter a fifth round of talks on June 10 in Vienna that could include Washington lifting economic sanctions on Iranian oil exports. However, the downside was limited as traders continued to hope demand for energy will see a significant increase in the US and Europe. In India, Delhi and Mumbai have begun to ease coronavirus restrictions.
Crude oil futures for July fell $0.39 or 0.6 percent to settle at $69.23 barrel on the New York Mercantile Exchange. August Brent crude dropped $0.40 or 0.6 percent to settle at $71.49 a barrel on London's Intercontinental Exchange.