2018.07.2306:00:00UTC+00Oil Prices Hold Steady In Cautious Trade

Oil prices held mostly steady in cautious trade on Monday after finance ministers and central bank governors from the G20 warned about increased risks to global growth.

Global GDP growth remains robust and unemployment is at a decade low, but growth has been less synchronized recently amid an increase in downside risks, the finance leaders said in a statement.

Benchmark Brent crude oil was up 65 cents at $73.72 a barrel while U.S. light crude for September delivery was up 35 cents at $68.61 a barrel.

Global trade tensions remain in focus after U.S. President Donald Trump accused the European Union and China of manipulating their currencies.

In addition, Trump talked of more tariffs on China and continued his attack on the Federal Reserve for raising interest rates, saying tightening penalizes the U.S. for doing well.

Meanwhile, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday that U.S. energy companies last week cut oil rigs by the most in a week since March, following recent declines in oil prices.

Drillers cut five oil rigs in the week to July 20, bringing the total count down to 858, as rising trade tensions between the U.S. and China threatened to hurt oil demand.