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Monday, July 4, 2022

Oil Prices Fall as G20 Warns of Trade, Geopolitical Tensions

Oil Prices Fall as G20 Warns of Trade, Geopolitical TensionsOil prices fell on Monday

Investing.com – Oil prices fell on Monday as finance ministers and central bank governors from the G20 warned recent trade and geopolitical tensions could harm global growth.

 for September delivery fell 0.15% to $68.16 per barrel at 12:15AM ET (04:15 GMT), while for September delivery also dropped 0.12% to $72.98 for one barrel.  

“Global economic growth remains robust and unemployment is at a decade low,” the finance leaders said in a statement. “However, growth has been less synchronized recently, and downside risks over the short and medium term have increased,” G20 finance ministers and central bank governors said in a statement following a meeting held in Buenos Aires over the weekend.

Fears that an escalating trade spat between Washington and Beijing could hit demand, particularly if Chinese growth is affected, also weighed.

Trump told CNBC in an interview last week that he was prepared to impose tariffs on all Chinese goods to the U.S.  

“I’m ready to go to 500,” said Trump, referring to the $505.5 billion in goods from China the U.S. imported in 2017. 

The U.S. and China exchanged new tariffs on $34 billion worth of goods on each other earlier this month. The Trump administration has also announced a list of proposed duties on $200 billion in Chinese imports, although those tariffs have not yet kicked in. 

Looking ahead, the American Petroluem Institute is set to publish its weekly report on U.S. oil supplies on Tuesday. The U.S. Energy Information Administration’s weekly report on oil stockpiles is due on Wednesday.

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Source: Investing.com

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