Oil prices retreat from the recent highs despite the publication of an upbeat trade balance report from China. China's trade surplus came in at 54 billion 690 million US dollar while analysts expected the number of 37 billion US dollars. Besides, the report showed that the import of Crude Oil to China was 34 million metric tons last month and the volume of gasoline imports was 7 million 870 thousand metric tons.
However, oil prices continue declining. The Light Sweet Crude Oil dropped below $64 per barrel. Market participants are waiting for publication of the oil rig count report from Baker Hughes. Last week the report showed that the number of active drilling facilities in the United States decreased by 5 units. The Brent Crude Benchmark is also trading lower, approaching the level of $69.10 per barrel. Analysts say that the commodity is losing ground as market participants are fixing their profits. Probably, oil prices will end this trading week in negative territory.