March 5 (Reuters) - Oil prices fell for a second day onTuesday as pledges by China, the world's biggest crude importer,to transform its economy amid stuttering growth since the COVIDpandemic failed to impress investors concerned about slowerconsumption.

Brent futures for May fell 3 cents to $82.77 abarrel by 0159 GMT, while U.S. West Texas Intermediate (WTI)fell 11 cents, to $78.63.

Brent settled 75 cents lower at $82.80 a barrel on Monday,while WTI settled down $1.24 at $78.74 a barrel.

China vowed to "transform" its economic development modeland curb industrial overcapacity while setting an economicgrowth target for 2024 of around 5%, similar to last year's goaland in line with analysts' expectations, according to anofficial work report released on Tuesday as part of this week'smeeting of the National People's Congress.

Achieving that goal should provide a boost for fuelconsumption but the target will be harder to reach this yearcompared with 2023, which benefited from the favourable baseeffect of a COVID-hit 2022, analysts said, and this could inturn weigh on investor sentiment.

Also released in the work report, China pledged to step upthe exploration and development of oil and natural gas resourcesbut at the same time vowed to tighten control over fossil fuelconsumption.

While concerns over the Chinese demand outlook pressuredprices lower, supply factors stemming from major producersreducing output and geopolitical worries from the Israel-Gazawar underpinned crude.

The Organization of the Petroleum Exporting Countries andits allies (OPEC+) on Sunday extended their voluntary oil outputcuts of 2.2 million barrels per day (bpd) into the secondquarter to support prices amid global growth concerns and risingoutput outside the group.

The physical oil market has started to tighten, rising spotprices show, according to a note from ANZ analysts, owing inpart to supply disruptions.

"While tensions in the Middle East have yet to directlyimpact supply, the Red Sea disruptions have increased the timeoil is unavailable to the market", ANZ analysts said, referringto the longer voyages tankers carrying oil must take to avoidthe area.

U.S. crude oil inventories are expected to have increasedlast week, according to a preliminary Reuters poll on Monday,while distillates and gasoline stockpiles were forecast lower.

Four analysts polled by Reuters estimated on average thatcrude inventories rose by about 2.6 million barrels in the weekto March 1.