Oil prices rise as tightening supply offsets global economic concerns | Reuters

Oil prices rise as tightening supply offsets global economic concerns | Reuters

Oil prices rose on Monday in volatile trade, reversing earlier losses, as tightening supplies outweighed concerns about slowing global economic growth and fuel demand.

Brent crude futures rose 42 cents, or 0.4%, to $113.54 a barrel by 0633 GMT. Front-month prices tumbled 7.3% last week, their first weekly fall in five.

U.S. West Texas Intermediate crude was at $109.85 a barrel, up 29 cents, or 0.3%. Front-month prices dropped 9.2% last week, the first decline in eight weeks.

Oil from Russia, the world's second-largest exporter, remains out of reach to most countries because of Western sanctions over Moscow's invasion of Ukraine, actions that Russia calls a "special operation".