Oil lost 4 to 5% after economic news from China

Crude oil is getting cheaper this morning - at 9:04 a.m., Brent was down by... 4.46% to $34.45, WTI - by 5.72% to $31.98. Precondition . This was done through news from China, in particular the report the government represented by Prime Minister Li Keqiang. In his presentation today, Li stated that that the country's leadership has decided not to set targets for GDP growth by this year. Usually these objectives were announced at the beginning of the session. of Parliament, but this time the coronavirus situation has prompted the power to abandon this tradition. Against the backdrop of the aforementioned news, investors have returned to their fears... that the demand for oil in China will continue to decline due to the consequences of the pandemic. The fears are strong enough to render influence on quotations, as China is the second largest in the world on oil consumption. The report also noted that China's focus is on active development. cooperate with other countries in international of trade despite the pandemic.