Crude Oil prices slips as China cut 2019 economic growth target

Crude Oil prices declined on Tuesday as China reduced its 2019 economic growth target to 6.0 to 6.5% from near 6.5% last year..

The US WTI crude oil futures were at USD56.28 p/b down 0.6% from their last settlement, while Brent crude futures were at USD65.33 p/b, down 0.5%.

Meantime, fuel efficiency is improving, denting demand growth. To support the market, the OPEC has led efforts since the start of the year to keep back near 1.2 mln bpd  of supply.

Media reports say that OPEC has showed that it will continue to withhold supply in spite of pressure from US President Donald Trump to end artificially tightening markets. This pushed up the WTI Crude oil futures after prices moved away from 3-month highs.

Crude oil futures on the Multi commodity exchange (MCX) closed flat at Rs3,986 per barrel yesterday.