REUTERS

Oil prices fell on Friday after China failed to set an economic growth target for 2020, sparking concerns that the fallout from the coronavirus pandemic will cap fuel demand in the world's second-largest oil user.

Brent crude was trading down $1.38, or 3.8%, at $34.68 a barrel by 0420 GMT, after falling as low as $33.54, as reported by Reuters.

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West Texas Intermediate (WTI) crude dropped by $1.79, or 5.3%, to $32.13 a barrel, having slumped to $30.72 earlier.

Oil prices have risen sharply in recent weeks and are still on track for a fourth weekly gain after the depths plumbed in April when U.S. crude fell below zero.

However, markets were disappointed at China's decision not to set an economic growth target this year, as the National People's Congress (NPC) kicked off a week-long meeting.