Oil Falls after China Omits 2020 GDP Target amid Covid-19 Pandemic

Oil prices fall on Friday after China decided not to set an economic growth target for 2020, leading a concerns that the coronavirus pandemic would continue to pressure a domestic fuel demand, doubled with the rise of tension between U.S. – China.

As of 15:56 local time in Thailand, WTI fell $2.03/bbl or 5.98% to $31.89/bbl. Meanwhile, Brent dropped $1.80/bbl or 4.99% to $34.26/bbl.

Oil prices have risen in recent weeks following the production cuts and the easing of stay-at-home restrictions.

However, markets were disappointed at China has denied setting a goal for 2020 economic growth as great uncertainties about the impact of the coronavirus.

Along with the rising tensions between the U.S. and China over trade and Beijing’s plan to implement national security legislation in Hong Kong, analysts said.