Brent oil falls as recession fears boost demand concerns | Reuters

Brent oil falls as recession fears boost demand concerns | Reuters

Brent oil prices slipped on Tuesday, reversing earlier gains, as concerns of a possible global recession curtailing fuel demand outweighed supply disruption fears, highlighted by an expected production cut in Norway.

Brent crude fell 38 cents, or 0.3%, to $113.12 a barrel by 0914 GMT.

U.S. West Texas Intermediate (WTI) crude climbed 84 cents, or 0.8%, to $109.27 a barrel, from Friday's close. There was no settlement for WTI on Monday because of the Independence Day public holiday in the United States.

"Oil is still struggling to break out from its current recessionary malaise as the market pivots away from inflation to economic despair," Stephen Innes of SPI Asset Management said in a note.

Investors are becoming more concerned about high inflation and a potential recession amid high prices of energy.