Oil prices opened lower on Monday after China set a modest target for economic growth this year of around 5 percent, lower than market expectations of 5.5 percent growth in the world’s second- largest oil consumer. | Reuters
An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China Jan 4, 2023. China Daily via REUTERS/File photo
Oil prices opened lower on Monday after China set a modest target for economic growth this year of around 5 percent, lower than market expectations of 5.5 percent growth in the world’s second- largest oil consumer. Brent crude futures were trading down 50 cents, or 0.6 percent, at $85.33 a barrel at 0147 GMT. U.S. West Texas Intermediate crude futures were down 46 cents, or 0.6 percent, at $79.22 a barrel.China’s closely watched growth outlook was down from last year’s target of 5.5 percent and came in at the low end of expectations. Policy sources had recently told Reuters a range as high as 6 percent could be set.
Premier Li Keqiang said on Sunday the foundation for stable growth in China needed to be consolidated, insufficient demand remained a pronounced problem, and the expectations of private investors and businesses were unstable.
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