WTI, Brent Prices Decline 

WTI, Brent Prices Decline 
WTI, Brent Prices Decline 

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 US Federal Reserve Chair Jerome Powell's testimony this week.
Brent crude futures were trading down 53 cents, or 0.6%, at $85.30 a barrel, reported. 
US West Texas Intermediate crude futures were also down 0.6% at $79.21.
"Crude remains in a tug-of-war between optimism over Chinese reopening and nervousness over a hawkish Fed hurting the US economy," said Vandana Hari, founder of oil market analysis provider Vanda Insights.
China's closely watched growth outlook, announced on Sunday, was lower than its 5.5% gross domestic product growth target last year. 
GDP grew last year by just 3%. 
Policy sources had told Reuters a range as high as 6% could be set for 2023.
Premier Li Keqiang said on Sunday the foundation for stable growth in China needed to be consolidated, insufficient demand remained a pronounced problem and expectations of private investors and businesses were unstable.
However, analysts at UBS Investment Bank upgraded their forecasts for China's GDP growth to 5.4% for 2023 and to 5.2% for 2024 from 4.9% and 4.8% respectively.

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