Oil Price Rally Unravels On China's Underwhelming GDP Growth Target

Oil prices pulled back on Monday morning after China set a GDP growth target of “around 5%” for 2023, lower than last year’s target of 5.5% and also lower than the average forecast of 5.24% by a cross-section of economic experts.  Last year, China’s GDP expanded by just 3% but experts were optimistic that this year’s target could be set as high as 6% after the country relaxed its strict covid-19 rules.  Additionally, China set a goal of 3% for the consumer price index (CPI), with Beijing keen to maintain…