This Friday (22), in the National People's Congress, China reduced its official GDP growth target for this year for the first time in 30 years. AxiCorp's chief global market strategist, Stephen Innes, told Reuters that the reduction "can be interpreted as a smaller focus on infrastructure investment and can be seen as negative
for oil." As a way, commodity prices fell this morning, pressured by concerns of a prolonged economic slowdown in China, as well as increased likelihood of a trade war.
At 12:10 a.m. PDT, U.S. oil futures were trading down 3.4 percent at $32.77 per barrel. International benchmark Brent fell 4.3 percent to $34.49.
"The commodity market in general was looking for a boost in larger infrastructure from the National People's Congress, so there's likely to be an element of disappointment," Innes said.