Oil steadies as recession fears balance tight supply | Reuters

Oil steadies as recession fears balance tight supply | Reuters

Oil was little changed on Monday as fears of a global recession that would hit demand werebalanced by concerns of tight supply amid lower OPEC output, unrest in Libya and sanctions on Russia.

Figures on Friday showed euro zone inflation hit yet another record high in June, firming the case for rapid European Central Bank rate hikes starting this month. read more U.S. consumer sentiment hit a record low in June. read more

Brent crude rose 15 cents, or 0.1%, to $111.78 a barrel at 1048 GMT, after falling over $1 in early trade. U.S. West Texas Intermediate (WTI) crude slipped 33 cents, or 0.3%, to $108.10.

"The risk is tilted to the downside as traders are concerned about slowing oil demand due to a strong possibility of an economic recession taking place in the U.S. and in other parts of the world," said Naeem Aslam of Avatrade.