Oil prices opened lower on Monday after China set a modest target for economic growth this year of around 5 per cent, lower than market expectations of 5.5 per cent growth in the world's second- largest oil consumer.Brent crude futures were trading down 50 cents, or 0.6 per cent, at $85.33 a barrel at 014
Oil prices opened lower on Monday after China set a modest target for economic growth this year of around 5 per cent, lower than market expectations of 5.5 per cent growth in the world's second- largest oil consumer.
China's closely watched growth outlook was down from last year's target of 5.5 per cent and came in at the low end of expectations. Policy sources had recently told Reuters a range as high as 6 per cent could be set. At the same time, oil prices are likely to be impacted by rate hikes across the world as global central banks tighten policy over fears of increasing inflation. Traders have started factoring in rate hikes across the world, but are hoping for smaller increases than last year.
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