23-07-2018 03:40 PM

Oil prices dropped on Monday after finance ministers and central bank governors from the G20 cautioned fresh trade and geopolitical worries could damage global growth.

Worries that a growing trade quarrel between Washington and Beijing could strike demand, mainly if Chinese growth is affected, also pondered.

"Global economic growth remains robust and unemployment is at a decade low," the finance leaders said in a comment. "On the other hand, growth has been less harmonized of late, and downside risks over the short and medium term have increased,” G20 finance ministers and central bank governors made a statement subsequent a meeting held in Buenos Aires over the weekend.

The U.S. and China exchanged new tariffs on $34 billion worth of goods on each other earlier this month. The Trump management has also proclaimed a list of projected duties on $200 billion in Chinese imports, even though those tariffs have not yet started.

The American Petroleum Institute will publish its weekly report on U.S. oil supplies on Tuesday. The U.S. Energy Information Administration’s weekly report on oil supply is due on Wednesday.