Oil lost 4 – 5% after economic news from China

Oil is getting cheaper this morning - at 09:04 Brent was down by 4.46% to $ 34.45, WTI - 5.72% to $ 31.98. The prerequisite for this there was news from China, in particular, a report government represented by Prime Minister Li Keqiang. During his presentation today, Lee stated that that the country's leadership decided not to set goals for GDP growth on this year. Usually these goals were announced at the beginning of the session. parliament, but this time the situation with the coronavirus prompted authorities to abandon this tradition. Against the background of the aforementioned news, fears returned to investors the fact that demand for oil in China will continue to decline due to the consequences of the pandemic. Fears are strong enough to provide influence on quotations, since China ranks second in the world on oil consumption. The report also noted that China is focused on active development cooperation with other countries in the field of international trade despite the pandemic.