Oil imports drop 7% in July

China’s crude oil imports unexpectedly fell 7% in July to a seven-month low, as refiners balked at high crude prices, Reuters reported. Oil prices fell Monday, with US crude dropping US$0.75 to US$114.45 a barrel and London Brent crude falling US$0.66 to US$112.67. Crude prices rose above US$147 a barrel on July 11, a record high. China announced last week that it would continue to expand its oil reserves, but would wait to see if global oil prices continue to fall before buying.