On: Monday – March 06, 2023
Oil prices fell at the beginning of trading today, Monday, following China set a modest target for economic growth this year of regarding five percent, which is less than the market expectation of achieving growth of 5.5 percent in the second largest oil consumer in the world.
Brent crude futures were trading down 50 cents, or 0.6 percent, at $85.33 a barrel at 0147 GMT.
West Texas Intermediate crude futures fell 46 cents, or 0.6 percent, to $79.22 a barrel.
China’s growth forecast, which is being watched closely, fell short of last year’s target of 5.5 percent and came in at the lower end of expectations.
Future increases in interest rates in the US are also likely to depend on what the February jobs report reveals, on Friday followed by the February inflation report, due next week.
European Central Bank President Christine Lagarde said over the weekend that it was “highly likely” that they would raise interest rates this month to curb inflation. The Australian central bank is expected to raise interest rates by 25 basis points on Tuesday.
the Union
