Oil ends under $59 on weak China imports

Oil futures finished lower on Monday, as a drop in Chinese oil imports and the lingering effects of last week’s decision by the Organization of the Petroleum Exporting Countries to keep its production ceiling unchanged sent prices for the U.S. benchmark well below $59 a barrel.

On the New York Mercantile Exchange, July crude CLN5, +0.52%  settled at $58.14 a barrel, down 99 cents, or 1.7%. July Brent crude LCON5, +0.38%  on London’s ICE Futures exchange fell 62 cents, or 1%, to $62.69 a barrel.

The price decline was “really a hangover from the Chinese data,” said Phil Flynn, senior market analyst at Price Futures Group. The Group of Seven meeting was not giving oil any market-moving headlines so prices retraced Friday’s late price reversal, which was based on data showing another decline in U.S. oil-rig counts, he said.

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