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Oil extends fall as China’s pledge to transform economy fails to impress

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Oil prices fell for a second day on Tuesday as pledges by China, the world’s biggest crude importer, to transform its economy amid stuttering growth since the COVID pandemic failed to impress investors concerned about slower consumption. Brent futures for May fell 3 cents to $82.77 a barrel by 0159 GMT, while U.S. West Texas Intermediate (WTI) fell 11 cents, to $78.63. China vowed to “transform” its economic development model and curb industrial overcapacity while setting an economic growth target for 2024 of around 5%, similar to last year’s goal and in line with analysts’ expectations, according to an official work report released on Tuesday as part of this week’s meeting of the National People’s Congress.

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