Prices of oil futures fell by 3% on Friday after China’s government failed to publish a gross domestic product (GDP) target for 2020 for the first time in 30 years, thus sparking fears that the country’s oil demand may suffer due to economic uncertainty. Beijing also announced a series of economic measures aimed to help fight the negative consequences of the COVID-19 pandemic on the national economy. Brent for July deliveries dipped 3.52% to go for $34.79 per barrel at 12:04 am ET, while West Texas Intermediate (WTI) for settlements in the same month dropped 5.57% to sell for $32.06 one minute later. China has abandoned its usual practice of setting a numerical target for economic growth this year due to the turmoil caused by the coronavirus pandemic, according to the text of Premier Li Keqiang’s annual policy address. Nick Note: this is a serious turn of events that warrants close monitoring. It begs the question what do they know they are not telling us…. again!