WTI crude futures fell after China set its economic growth target for this year at around 5%, below market expectations of 5.5%, fueling concerns that it will hurt demand from China. which is the world’s second largest oil consumer
At 6:05 p.m. Thai time, West Texas Crude Oil Contract (WTI) for delivery in April. which traded on the NYMEX, down $1.21, or 1.52%, to $78.47/barrel.
China’s economic growth outlook was down from last year’s target of 5.5 percent, while policy sources told Reuters earlier that China may set GDP target as high as 6%
Chinese Premier Li Keqiang said on Sunday that it is necessary to strengthen the foundations of steady growth in China. Demand is still a clear problem. And the expectations of private investors and the business sector are uncertain.
meanwhile Oil prices are likely to be affected by global interest rate hikes. As central banks around the world tighten monetary policy amid rising inflation concerns, however, traders have begun to adjust to global interest rate hikes. But it is hoped that the rate hike will be less than last year.
