MELBOURNE : Oil prices were unsteady on Monday, with Brent trading higher on supply concerns while West Texas Intermediate dipped, as traders balanced supply concerns against worries about a recession or China's COVID-19 curbs hitting demand.
U.S. WTI crude futures however slipped 15 cents, or 0.1 per cent, to $104.64 a barrel, paring a 2 per cent gain from Friday.Both contracts posted weekly declines last week as the market was dominated by worries that rising interest rates to curb inflation would spark a recession and dent oil demand. Both benchmark contracts traded lower in early trade on Monday then turned positive before trading in different directions.
On the supply side, the market remains nervous about plans by Western nations to cap Russian oil prices, with President Vladimir Putin warning further sanctions could lead to"catastrophic" consequences in the global energy market.