Oil Prices Drop as Traders Worry About Growth Despite China Stimulus and OPEC+ Cuts
• Oil prices fell as market shrugs off China's economic growth target and OPEC+ production cut extension
• China set 2023 growth target around 5% and issued bonds to fund projects
• OPEC+ agreed to extend 2.2 million barrels per day production cuts through Q2
• Analysts say OPEC+ extension likely already priced into market
• Traders worried about economic growth and abundant oil supply putting downward pressure on prices