Oil prices slipped on Monday, along with stock markets in Asia, sparked by fears a global recession could dampen oil demand, with investors eying European Union talks on a Russian oil embargo that is expected to tighten global supplies.
Brent crude dropped 28 cents, or 0.3 per cent, to $112.11 a barrel by 0153 GMT (0723 IST).
US West Texas Intermediate crude was at $109.36 a barrel, down 41 cents, or 0.4 per cent.
“The broader risk-off sentiment sparked by the recession fears, and China’s lockdowns are the major factors that pressure the oil price,” CMC Markets analyst Tina Teng said.
Global financial markets are also spooked by concerns over interest rate hikes and extended Covid-19 lockdowns in China that are hurting the world’s No. 2 economy.
