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Oil mixed as market weighs tight supply against recession jitters

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Oil prices were unsteady on Monday, with Brent trading higher on supply concerns while West Texas Intermediate (WTI) dipped, as traders balanced supply concerns against worries about a recession or China's COVID-19 curbs hitting demand.

Brent crude futures were up 11 cents, or 0.1%, at $107.13 a barrel at 0102 GMT, adding to a 2.3% gain on 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.

 

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