(MENAFN- ProactiveInvestors)After OPEC decided to take no action at the end of last week it was the turn of individual members to put a downer on crude prices. Rising oil shipments out of Iran which could increase significantly further should international sanctions be lifted are a key concern according to some market commentators. Elsewhere attentions are focussed not only on over brimming supply but also on apparently jaded demand fundamentals as statistics showed a decline in Chinese fuel imports. Around 25% less fuel was imported to the People's Republic according to official figures. In London trading Brent crude was almost 1% lower at US$62.75 per barrel and West Texas Intermediary futures fell a similar amount to US$58.55.
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