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Oil prices fall as market shrugs off China growth pledge, OPEC+ production cuts
Crude oil futures fell for a second consecutive day Tuesday as China’s pledge to boost economic growth and OPEC+ production cuts failed to lift prices. The West Texas Intermediate contract for April dropped 72 cents, or 0.91%, to $78.02 a barrel. May Brent futures shed 57 cents, or 0.69%, to $82.83 a barrel. The Beijing government on Tuesday set an economic growth target of about 5% for 2024 and announced the issuance of $138.9 billion in “ultra-long” special Treasury bonds to fund major projects. OPEC and its allies, OPEC+, agreed on Sunday to extend crude production cuts of 2.2 million barrels per day through ... (full story)