Oil prices fell on Tuesday as China cut its 2019 economic growth target, dimming the outlook for fuel demand, although OPEC-led efforts to cut output still offered some support.
U.S. West Texas Intermediate crude oil futures were at 56.31 dollars per barrel at 0740 GMT, down 28 cents, or 0.5 per cent, from their last settlement.“Near term … it is hard to get very bullish on oil prices.
China said on Tuesday it was targeting economic growth of 6.0 to 6.5 per cent in 2019, down from the 6.6 per cent growth reported last year, which was already the lowest in decades.China’s Commerce Minister, Zhong Shan, said on Tuesday that trade talks with the U.S. have been difficult but that working teams from both countries are continuing with their negotiations.
The group was due to decide in April whether to continue withholding supply, but OPEC sources said this week a decision would likely be delayed until June, meaning cuts will continue at least until then. The cuts to OPEC supply have pushed up the Brent international crude price benchmark due to a shortage of the heavy crudes that OPEC mostly produces.
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