5/22, 6:17 AM (Source: TeleTrader)
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Oil prices down 3% amid China's economic worries

Prices of oil futures fell by 3% on Friday after China's government failed to publish a gross domestic product (GDP) target for 2020 for the first time in 30 years, thus sparking fears that the country's oil demand may suffer due to economic uncertainty. Beijing also announced a series of economic measures aimed to help fight the negative consequences of the COVID-19 pandemic on the national economy.

Brent for July deliveries dipped 3.52% to go for $34.79 per barrel at 12:04 am ET, while West Texas Intermediate (WTI) for settlements in the same month dropped 5.57% to sell for $32.06 one minute later.

Breaking the News / MS