Oil lost value after the G20 financial statements

© RIA Novosti / Ilya Petliurite in photobacteria oil. Archival photoOil lost value after the G20 financial statements© RIA Novosti / Ilya Petliurite the image Bank

World oil prices Monday morning fall on concerns over demand for raw materials after the statements of the financial «twenty» about the risks of the global economy on the background of geopolitical tensions, according to the auction.

As of 07.37 GMT the cost of the September futures for North sea petroleum mix of mark Brent has decreased on 0,18% — to amount 72,94 per barrel, the September futures for WTI — by 0,26% to 68,09 dollar per barrel.

Last weekend in Buenos Aires was held a meeting of Finance Ministers and Central Bank governors of the G20. On its results representatives of the financial «twenty» stated that the main short and medium-term risks, the global economy currently is the growing financial vulnerability, increasing tension in the trade and geopolitics, and structural inequality and weak growth.

The meeting was held against the backdrop of escalating trade conflict between the US and China. On Friday, the President of the United States Donald trump has declared its readiness, if necessary, to impose duties on all Chinese imports, which is estimated at $ 500 billion.

«The impact of the trade war and the recognition that President trump and his administration is seriously involved in this dispute are finally beginning to appear in the minds of traders in oil and other markets,» says chief market strategist at AxiTrader Greg McCann (Greg McKenna), quoted by Reuters.