Oil prices dip on news of growth target reduction by China

Oil slipped have seen a dip, on developments on the supply and demand side. Worries over a supply crunch eased after China lowered its economic growth target for 2012 and Iraq boosted production, as per Reuters. China cut its 2012 growth target to an eight-year low of 7.5%, lowering its long-standing annual goal of 8%- resulting in lower commodities demand. Brent crude oil futures for April fell to almost US$123, while April crude on the Nymex fell to US$105.7.
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