Oil futures fall Monday, with analysts tying the softer tone to disappointment in the growth target set by China's National People's Congress.
Oil futures fell Monday, with traders appearing underwhelmed by the 5% economic growth target set by China’s National People’s Congress.
Price actionMarket drivers Chinese Premier Li Keqiang, the country’s top economic official, on Sunday announced that year’s growth target was “around 5%” following the end of COVID-related controls that kept millions of people at home and triggered protests. The economy grew by only 3% last year, falling well short of the government’s 5.5% target, a miss blamed in large part...
Price action Market drivers Chinese Premier Li Keqiang, the country’s top economic official, on Sunday announced that year’s growth target was “around 5%” following the end of COVID-related controls that kept millions of people at home and triggered protests. The economy grew by only 3% last year, falling well short of the government’s 5.5% target, a miss blamed in large part on lockdowns.
“Remember, traders were thinking that the fact China has dismantled its COVID-related policies, we are going to see robust demand, but those expectations are hit today with a dose of reality,” said Naeem Aslam, chief investment officer at Zaye Capital Markets, in a note.—The Associated Press contributed to this report.
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