Oil Down on China Outlook, Spotlight on Powell Testimony

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang Province, China, on Jan. 4, 2023. China Daily via Reuters

Oil prices slipped on Monday after China set a lower-than-expected target for economic growth this year at around 5 percent, and as investors cautiously awaited U.S. Federal Reserve Chair Jerome Powell’s testimony this week.

Brent crude futures were trading down 53 cents, or 0.6 percent, at $85.30 a barrel at 0735 GMT. U.S. West Texas Intermediate (WTI) crude futures were also down 0.6 percent at $79.21.