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08:00, 24-Jul-2018
US oil prices fall amid global trade tensions
Updated
07:28, 27-Jul-2018
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Oil prices settled lower on Monday as traders worried that global trade tensions could hurt economic growth and reduce oil demand.
Finance ministers and central bank governors of the Group of 20 (G20) ended their third meeting of the year in Buenos Aires on Sunday, calling for more dialogue to prevent trade and geopolitical tensions from hurting global economic growth.
"Downside risks over the short and medium term have increased," the finance leaders said in a statement released after the conclusion of the meeting.
On the data front, US drillers cut 5 oil rigs in the week ending July 20, bringing the total count down to 858, energy services firm Baker Hughes said on Friday.
The West Texas Intermediate for September delivery fell 0.37 US dollar to settle at 67.89 US dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery edged down 0.01 US dollars to 73.06 US dollars a barrel on the London ICE Futures Exchange.
Source(s): Xinhua News Agency