Oil prices fall due to forecast of China's GDP decline

(Patria) - Oil prices fell on Monday, as forecasts for China's GDP growth were weaker than expected and diminished optimism regarding the recovery of crude oil demand this year, agencies report.

The Chinese government announced over the weekend that it is targeting an economic growth of 5% this year, compared to 3% in 2022, but which is still less than the expected 5.5 percent. Brent crude futures fell by 0.9% to $85.27 a barrel, while West Texas Intermediate crude futures fell by 0.6% to $79.17 a barrel.

China's inflation and trade data are due this week, and are expected to provide more indications about the economic condition of the world's largest oil importer, which will again affect the price of this energy source.