Today’s Crude Oil News Updated By Gates Commodity

Oil dipped on Friday morning in Asia, giving up its earlier gains after China failed to set its annual economic growth target.

Brent oil futures dropped 3.97% to $34.63 by 12:45 PM ET (5:45 AM GMT) and WTI futures slid 5.40% to $32.09 with investors calculating the impact on oil demand in the world’s second largest economy.

China’s National People’s Congress kicked off earlier in the day after a two-month delay due to the COVID-19 virus. Premier Keqiang said in his annual report at the opening session that “We have not set a specific target for economic growth this year…This is because our country will face some factors that are difficult to predict in its development due to the great uncertainty regarding the COVID-19 pandemic and the world economic and trade environment.”

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