Oil prices down over demand outlook concerns in China

ISTANBUL

Oil prices decreased on Tuesday amid concerns over the demand outlook in China, the world’s biggest crude importer, after the country set a growth target that experts believe will be harder to reach.

International benchmark Brent crude traded at $82.41 per barrel at 10.21 a.m. local time (0721 GMT) for a 0.47% decline from the closing price of $82.80 a barrel in the previous trading session.

The American benchmark West Texas Intermediate (WTI) traded at $78.25 per barrel at the same time, for a 0.62% fall from the previous session closed at $78.74 per barrel.

China, the world’s second-biggest oil consumer, set an economic growth target of around 5% for 2024, according to an official work report released on Tuesday as part of the meeting of the National People’s Congress.

The target would likely provide a boost for fuel consumption if achieved, however, experts cautioned that the 2024 target would be harder to achieve than in 2023.

Meanwhile, supply factors stemming from major producers reducing output and escalating geopolitical tensions in the Red Sea and the Middle East limit the fall in oil prices.

• Brent
• Oil