Oil prices down on China outlook, spotlight on possible rate hikes
LONDON (Reuters) -Oil prices slipped on Monday after China set a lower-than-expected target for economic growth this year at around 5%, and as investors cautiously awaited U.S. Federal Reserve Chair Jerome Powell’s testimony this week.
Brent crude futures were trading down 71 cents, or 0.8%, at $85.12 a barrel at 1000 GMT. U.S. West Texas Intermediate (WTI) crude futures were also down 59 cents or 0.7% at $79.09.
“Crude remains in a tug-of-war between optimism over Chinese reopening and nervousness over a hawkish Fed hurting the U.S. economy,” said Vandana Hari, founder of oil market analysis provider Vanda Insights.
