Oil prices dropped on Monday following reports that China’s crude oil imports in May fell 14.6% from a high base a year earlier, with daily arrivals hitting the lowest level this year, as maintenance at refineries limited consumption of the raw material. Meanwhile, the Chinese government reportedly has been ramping up scrutiny of the oil industry by imposing taxes on key blending fuels and investigating crude imports at state energy giants and independent refiners. Traders now await the outcome of Iran’s nuclear talks and anticipate OPEC’s and the IEA’s June Oil Market Reports, due to be released June 10th and 11th, respectively. At around 06:30 AM GMT, WTI crude was down 0.7% to $69.15 a barrel, while Brent oil fell 0.8% to $71.29 a barrel. Last week, oil jumped 4%, on hopes of a rebound in fuel demand in the US and Europe after easing COVID-19 restrictions ahead of summer travel.