Oil dipped to $49.92 before climbing back over $50
Oil hasn't closed below $50 since April 2.
The latest move touches below minor support at $50.08, which was the April 10 low.
Most people are talking about Iran but China threatens to be a major story. The Chinese customs agency reports that crude imports fell 26% in May -- the largest m/m decline since November. Imports are down about 11% year-over-year.
Iran earlier today said it aims to pump 4 million barrels per day within seven months after sanctions end and another 4.7m bpd soon after.
"Iran should be able to raise production by about 750,000 barrels a day in six-to-nine months," Michael Lynch, president of Strategic Energy & Economic Research told Bloomberg. "We haven't had much in the way of good demand news recently but the supply news has been positive, which is bearish for the market."
One minor bit of good news came from Saudi Arabia where May exports fell to the lowest levels since December but that contrasts with continued record production.
