Oil prices declined on Monday as investors are carefully anticipating that the U.S. Federal Reserve Chair Jerome Powell's testimony and as China declared GDP growth this year below projections at roughly 5%.

Brent crude futures edged down by 0.6% at $85.30 per barrel while U.S. West Texas Intermediate crude futures slipped by 0.6% at $79.21.

The widely monitored growth outlook for China, released on Sunday, fell short of the 5.5% GDP growth target set for last year. Just 3% of the GDP increased last year. A range as high as 6% could be set for 2023, according to policy sources who spoke to Reuters.

Rate increases worldwide are likely to have an effect on oil prices as central banks tighten monetary policy due to concerns about soared inflation. Traders have begun to account for rate increases globally, but they are anticipating decreases from the previous year.