Brent, WTI Prices Steady

Oil prices stabilized on Monday as worries over production losses were outweighed by concerns that trade disputes would reduce economic growth and hit global energy demand. Benchmark Brent crude oil was up 15 cents at $73.22 a barrel on the day. US light crude was unchanged at $68.26, CNBC reported. 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. “Downside risks over the short and medium term have increased,” the finance leaders said in a statement. The talks occurred amid escalating rhetoric in a trade dispute between the United States and China, which have already slapped tariffs on $34 billion worth of each other’s goods. US President Donald Trump threatened on Friday to impose tariffs on all $500 billion of Chinese exports to the United States unless Beijing agreed major changes to its technology transfer, industrial subsidy and joint venture policies.