Crude oil for front-month settlements fell by over 1% on Tuesday as targets set by China, the world’s largest crude oil importer, regarding its economic growth, failed to raise optimism among investors. Namely, Chinese Premier Li Qiang announced that the economic authorities set a gross domestic product growth target of approximately 5% for 2024. Additionally, the Asian country aims to bring its unemployment rate to 5.5%, while it plans to increase its military budget to 7.2%. Meanwhile, Chinese President Xi Jinping remarked that the country will introduce extraordinary measures in order to “deepen reforms in all-round way.” West Texas Intermediate (WTI) for April contracts declined 1.42% to $77.67 a barrel at 8:31 am ET. Brent for May deliveries dropped by 1.27% to trade at $81.93 per barrel at the same time. NN: this shoots the demand part of the oil equation in the ass.