Oil slumped as China said it would not set a target for 2020 economic growth for the first time in decades, raising concerns over its pace of recovery from the coronavirus outbreak. West Texas Intermediate crude fell as much as 9.4%, to $30.72 per barrel. Brent crude fell 7%, to $33.54 per barrel, at intraday lows. Oil had rallied in recent days prior to Friday's dip, boosted by a report that China's oil demand has nearly recovered to pre-crisis levels. Watch oil trade live on Markets Insider.