Oil extends fall as China's pledge to transform economy fails to impress
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Oil prices fell for a second day as China's pledge to transform its economy amid stuttering growth since the COVID pandemic failed to impress investors concerned about slower consumption. China vowed to "transform" its economic development model and curb industrial overcapacity while setting an economic growth target for 2024 of around 5%. Achieving that goal should boost fuel consumption, but it will be harder to reach this year compared to 2023. China also pledged to step up the exploration and development of oil and resources but vowed to tighten control over fossil fuel consumption. The Organization of the Petroleum Exporting Countries and its allies (OPEC+) extended their voluntary oil output cuts of 2.2 million barrels per day into the second quarter. The physical oil market has started to tighten, and tensions in the Middle East have increased the time oil is unavailable to the market. U.S. crude oil inventories are expected to have increased last week, according to a preliminary Reuters poll.

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https://www.investing.com/news/commodities-news/oil-extends-fall-as-chinas-pledge-to-transform-economy-fails-to-impress-3323941