Reuters: Oil falls as China omits 2020 growth target amid pandemic

09:00, 22 May 2020
Economy
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REUTERS

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.

Read alsoReuters: Oil prices climb as U.S. stock drawdown eases supply glut fears

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.

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