Cautious investors weigh on oil prices

Oil prices were down on Monday, with a 1.17% drop in North Sea Brent crude for May delivery, and a 1.19% drop in U.S. West Texas Intermediate (WTI) for April delivery. This decline is explained by investors’ growing skepticism about the strong economic recovery of China, the world’s largest crude oil importer. Indeed, the country’s economic growth forecasts are lower than expected, with a target of about 5% in 2023, one of the most modest targets in decades. Investors thus took advantage of this announcement to “take their profits”.