Oil prices open lower in China

Published March 6th, 2023 - 08:07 GMT
Immigration inspection officers check an oil tanker carrying imported crude oil at Qingdao port in China's eastern Shandong province on May 9, 2022. (Photo by AFP) / CHINA OUT
Oil prices open lower in China on news of modest 5% growth

ALBAWABA - Oil prices opened lower Monday on news that China set a modest 5 percent target for economic growth this year.

The rate is lower than market expectation of 5.5 percent GDP growth in the world’s second- largest economy and oil consumer.

Brent crude futureswere trading down $0.50 less, or 0.6 percent, at $85.33 a barrel at 0147 GMT. 

U.S. West Texas Intermediate (WTI) crude futureswere down $0.46, or 0.6 percent, at $79.22 a barrel.

China’s outlook for 2023 was announced by Premier Li Keqiang Sunday at the opening of the National People's Congress, China's rubber-stamp legislature, his last such congress as premier.

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