China39;s growth outlook down from last year39;s target
Fed Chair to testify to Congress on rate hikes this week
U.S. February jobs report also in focus

LONDON, March 6 Reuters Oil prices slipped on Monday after China set a lowerthanexpected target for economic growth this year at around 5, and as investors cautiously awaited U.S. Federal Reserve Chair Jerome Powell39;s testimony this week.

Brent crude futures were trading down 71 cents, or 0.8, at 85.12 a barrel at 1000 GMT. U.S. West Texas Intermediate WTI crude futures were also down 59 cents or 0.7 at 79.09.

Crude remains in a tugofwar between optimism over Chinese reopening and nervousness over a hawkish Fed hurting the U.S. economy, said Vandana Hari, founder of oil market analysis provider Vanda Insights.

China39;s closely watched growth outlook, announced on Sunday, was lower than its 5.5 gross domestic product GDP growth target last year. GDP grew last year by just 3. Policy sources had told Reuters a range as high as 6 could be set for 2023.

Premier Li Keqiang said on Sunday the foundation for stable growth in China needed to be consolidated, insufficient demand remained a pronounced problem, and the expectations of private investors and businesses were unstable.

Both crude benchmarks settled more than 1 higher on Friday after two sources told Reuters a report that the United Arab Emirates was considering leaving OPEC was inaccurate.

At the same time, oil prices are likely to be impacted by rate…