Oil prices fall on demand concerns as G20 warns of risks to growth
Economic growth and oil demand growth are closely correlated as expanding economies support fuel consumption for trade and travel, as well as for automobiles. U.S. energy companies last week cut the number of oil rigs by the most since March as the rate of growth has slowed over the past month or so with recent declines in crude prices.
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. Image source: Reuters