Oil slips to $123 after China cuts growth target

Oil slipped to around $123 a barrel on Monday as worries of a supply crunch eased after China lowered its economic growth target for 2012 and Iraq boosted production. China cut its 2012 growth target to an eight-year low of 7.5 per cent, lowering its long-standing annual goal of eight per cent, causing a fall in Asian shares and raising questions over oil demand. Brent crude oil futures for April fell 99 cents to a low of $122.66 before recovering to trade around $123.00 by 1025 GMT. US April crude on Monday fell $1.20 to a low of $105.50 a barrel but then rebounded to around $105.78.