U.S. West Texas Intermediate crude was at $109.38 a barrel, down 18 cents, or 0.2%. Front-month prices dropped 9.2% last week, the first decline in eight weeks.
Analysts and investors said they believe a recession is more likely after the U.S. Federal Reserve approved on Wednesday the largest interest rate increase in more than a quarter of a century to stem a surge in inflation.Brent crude futures on Monday touched their lowest in a month, but some analysts expect the slump to be short-lived.
Western sanctions have reduced access to oil from Russia following its invasion of Ukraine, which Russia calls a “special operation.” Libya’s oil production has remained volatile following blockades by groups in the country’s east, with its output most recently pegged at 700,000 per day.