Oil Prices Drop Nearly 1% Over China Growth Concerns and Risk Appetite

• Oil prices fell nearly 1% on Tuesday due to concerns over China achieving its 2023 economic growth target and declining risk appetite • Brent crude futures settled at $82.04 per barrel, down 0.9%; WTI crude futures fell to $78.15 per barrel, down 0.8% • China set a 2024 economic growth target of around 5%, but lacked stimulus plans to boost its struggling economy • A weaker US dollar provided some support to oil prices by increasing demand from investors • API data showed a smaller-than-expected build in US crude oil inventories last week ahead of the official EIA report Wednesday