Oil prices fell on Monday amid increasing concerns about fuel demand after finance ministers and central bank governors from the G20 warned that global economic growth risks have increased amid rising trade and geopolitical tensions. Brent crude dropped 9 cents, or 0.1 percent, to $72.98 a barrel by 0647 GMT. U.S. West Texas Intermediate (WTI) futures declined 13 cents, or 0.2 percent, to $68.13 a barrel.
Finance ministers and central bank governors from the world`s 20 biggest economies ended a meeting in Buenos Aires over the weekend calling for more dialogue to prevent trade and geopolitical tensions from hurting growth.
“Global economic growth remains robust and unemployment is at a decade low,” the finance leaders said in a statement. “However, growth has been less synchronised recently, and downside risks over the short and medium term have increased.” Read More