Oil prices stabilize as the market balances recession fears and tight supplies

Oil prices stabilized on Monday, after struggling to recoup last week’s losses, as the market worked to balance tight supplies and fears of slowing global economic growth.

Brent crude futures were down 38 cents, or 0.3 percent, at $112.74 a barrel. Brent prices fell 7.3% last week, the first weekly decline in five weeks.

US West Texas Intermediate crude recorded $ 109.38 a barrel, down 18 cents, or 0.2 percent. Prices fell 9.2 percent last week, the first decline in eight weeks.

Russian oil remains out of the reach of most countries due to Western sanctions following the invasion of Ukraine.

In Libya, oil production remained volatile in the wake of the blockade of oil facilities by groups in the east of the country, and the total production of the country reached about 700,000 barrels per day.