Oil slips after OPEC keeps output high

Oil prices slipped on Monday after China's fuel imports dropped sharply and as markets digested an OPEC decision to keep its production target unchanged, a move analysts said would keep the market oversupplied for the rest of the year. China, the world's biggest net oil importer, bought nearly a quarter less crude in May than it did in the previous month, official data showed. China's imports of oil products also fell by more than 6 per cent while oil product exports fell 10 per cent. Brent for July dropped to a low of $62.70 a barrel on Monday before recovering to around $62.90 a barrel by 0825 GMT, still down 41 cents. US crude was at $58.68 a barrel, down 45 cents. Several analysts said they expected oil prices to fall in the wake of the OPEC meeting as supply gradually overwhelmed demand in many markets, according to Reuters.