Oil Prices Stable as Market Balances Recession Fears With Tight Supply

An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia, on June 13, 2022. Picture taken with a drone. Tatiana Meel/Reuters

LONDON—Oil prices were stable on Monday, struggling to reverse last week’s losses as the market balanced tightening supplies with concerns about slowing global economic growth.

Brent crude futures were down 38 cents, or 0.3 percent, at $112.74 a barrel by 1022 GMT. Front-month prices tumbled 7.3 percent last week, their first weekly fall in five.