Oil prices opened lower on Monday after China set a modest target for economic growth this year of around 5%, lower than market expectations of 5.5% growth in the world's second- largest oil consumer.
Brent crude futures were trading down 50 cents, or 0.6%, at $85.33 a barrel at 0147 GMT. U.S. West Texas Intermediate crude futures were down 46 cents, or 0.6%, at $79.22 a barrel.
China's closely watched growth outlook was down from last year's target of 5.5% and came in at the low end of expectations. Policy sources had recently told Reuters a range as high as 6% could be set. Premier Li Keqiang said on Sunday the foundation for stable growth in China needed to be consolidated,remained a pronounced problem, and the expectations of private investors and businesses were unstable.
At the same time, oil prices are likely to be impacted by rate hikes across the world as global central banks tighten policy over fears of increasing inflation. Traders have started factoring in rate hikes across the world, but are hoping for smaller increases than last year.
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