Oil prices slumped on Friday after China’s decision to omit an economic growth target for 2020 renewed concerns that the fallout
will continue to depress fuel demand in the world’s second-largest oil user.
West Texas Intermediate crude dropped by $1.79, or 5.3 per cent, to $32.13 a barrel, having gained more than one per cent in the last session. Abandoning the growth target “could be interpreted as putting less focus on infrastructure investment and could be viewed as negative for oil,’’ said Stephen Innes, Chief Global Market Strategist at AxiCorp.
Still, both Brent and WTI are heading for a fourth week of gains as more evidence emerged that fuel demand is recovering as countries ease business and social restrictions imposed to counter the coronavirus pandemic.
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