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Oil drops after China abandons target for 2020 GDP amid coronavirus outbreak


Friday, 22 May 2020 18:31 WIB

MinyakMinyak WTI BerjangkaMinyak Brent


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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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