March 5 Reuters Oil prices fell for a second day on Tuesday as pledges by China to transform its economy amid stuttering growth since the COVID pandemic failed to impress investors concerned about slower consumption.

Brent futures for May was down 32 cents, or 0.4, to 82.48 a barrel by 0757 GMT, while U.S. West Texas Intermediate WTI fell 41 cents, or 0.5, to 78.33. Brent was on track to fall for the fifth straight session on Tuesday.

China vowed to transform its economic development model and curb industrial overcapacity while setting an economic growth target for 2024 of around 5, similar to last year39;s goal and in line with analysts39; expectations.

That target, which would likely provide a boost for fuel consumption if achieved, will be harder to reach this year as China in 2023 benefited from the favourable base effect of a COVIDhit 2022, analysts said, potentially weighing on investor sentiment.

The world39;s biggest crude importer also pledged to step up the exploration and development of oil and natural gas resources but at the same time vowed to tighten control over fossil fuel consumption.

While concerns over the Chinese demand outlook pressured prices lower, supply factors stemming from major producers reducing output and geopolitical worries from the IsraelGaza war underpinned crude.

The Organization of the Petroleum Exporting Countries and its allies OPEC on Sunday extended their voluntary oil output cuts of 2.2 million barrels per day bpd into the…