Oil drops after China abandons target for 2020 GDP amid coronavirus outbreak
Friday, 22 May 2020 18:31 WIB | ENERGY |MinyakMinyak WTI BerjangkaMinyak Brent

Oil prices slumped on Friday after China™s decision to omit an economic growth target for 2020 renewed concerns that the fallout from the coronavirus pandemic will continue to depress fuel demand in the world™s second-largest oil user.

Brent crude fell $1.70, or 4.7%, to $34.36 a barrel, after gaining nearly 1% on Thursday. West Texas Intermediate crude dropped by $1.91, or 5.6%, to $32.01 a barrel, having gained more than 1% in the last session.

China™s National People™s Congress (NPC) kicked off a week-long meeting on Friday with the government saying it omitted the 2020 target, while pledging to issue 1 trillion yuan ($140 billion) of special treasury bonds to support companies and regions hit by the pandemic.

Source: Reuters

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