Oil prices stable as market balances recession fears with tight supply | Reuters

Oil prices stable as market balances recession fears with tight supply | Reuters

Oil prices were stable on Monday, struggling to reverse last week's losses as the market balanced tightening supplies with concerns about slowing global economic growth.

Brent crude futures were down 38 cents, or 0.3%, at $112.74 a barrel by 1022 GMT. Front-month prices tumbled 7.3% last week, their first weekly fall in five.

U.S. West Texas Intermediate crude was at $109.38 a barrel, down 18 cents, or 0.2%. Front-month prices dropped 9.2% last week, 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.