Oil prices bounce around on Russian pipeline constraints, recession fears | Reuters

Oil prices bounce around on Russian pipeline constraints, recession fears | Reuters

Oil prices see-sawed on Tuesday, as worries that a slowing economy could cut demand vied with news that some oil exports had been suspended on the Russia-to-Europe Druzhba pipeline that transits Ukraine.

Crude prices have been under pressure for weeks as fears mounted that a recession could cut oil demand.

Brent crude lost 77 cents, or 0.8%, to $95.88 a barrel at 1:01 p.m. EDT (1701 EDT). U.S. West Texas Intermediate (WTI) crude fell 88 cents, or 1%, to $89.88 a barrel. Earlier in the session, both benchmarks rose by more than $1 a barrel.

Russian pipeline monopoly Transneft said Ukraine had suspended oil flows via the pipeline because Western sanctions had prevented a payment from Moscow for transit fees from going through. That boosted prices earlier in the session. read more