Oil prices fall as recession fears trump tight supply | Reuters

Oil prices fall as recession fears trump tight supply | Reuters

Oil prices fell on Monday, continuing last week's losses as concerns about slowing global economic growth overshadowed tight supply.

Brent crude futures were down 50 cents, or 0.44%, at $112.62 a barrel by 1429 GMT. Front-month prices tumbled 7.3% last week for their first weekly fall in five.

U.S. West Texas Intermediate crude was down 68 cents, or 0.62%, at $108.88. Front-month prices dropped 9.2% last week for the first decline in eight weeks.

"Friday’s steep price fall can be seen as a delayed reaction to the concerns about recession that have already been weighing on the prices of other commodities for some time," said Commerzbank analyst Carsten Fritsch.

Analysts and investors said they believe a recession is more likely after the U.S. Federal Reserve approved on Wednesday the largest interest rate increase in more than a quarter of a century in an effort to contain a surge in inflation.