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Oil falls as China curbs its growth target, but OPEC output cuts support it
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Oil prices tumbled on Tuesday as China cut its target for economic growth in 2019, slashing demand for fuel, but OPEC-led production cuts continue to provide some support.
At 0740 GMT, US WTI crude futures were at $ 56.31 a barrel, down 28 cents, or 0.5 percent, from their previous settlement.
Brent crude was $ 65.37 a barrel, down 30 cents, or 0.5 percent.
"In the near term ... it's hard to bet hard on high oil prices," said TSB Lombard, an energy research analyst at the energy sector. The market is still working to drain the supply gap formed in the second half of 2018. "
China said on Tuesday it was targeting economic growth of six to 6.5 percent in 2019, down from 6.6 percent last year, already the lowest in decades.
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