Brent crude oil fell below $58 a barrel on Tuesday on signs of growing oversupply as Iranian officials visited Beijing to seek more oil sales after a framework nuclear deal that could lead to the lifting of sanctions.
China is Ira
Oil pared losses and held above $74 after data showing Chinese overall exports surged in May offset weaker demand readings in top consumer the US.
China's exports rose 48.5 per cent in May from a year earlier, the General Administratio
Iraq will increase its crude oil exports to China in 2010 to more than 300,000 barrels per day, Iraqi Oil Minister Hussain al-Shahristani told Reuters on Tuesday, more than double this year's amount.
Chinese traders had expected import