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Oil Edges Lower In Volatile Trade

Oil prices fell in volatile trade on Monday as supply constraints amid lower OPEC output and the conflict in Ukraine were offset by worries that aggressive rate hikes by central banks would trigger a global recession.

Benchmark Brent crude futures dipped half a percent to $111.03 a barrel, while WTI crude futures were down 0.6 percent at $107.75.

The downside remained capped by output restrictions in Libya and a planned strike among Norwegian oil and gas workers also offered some support.

A report by Nomura Holdings revealed many major economies including the EU, U.K., Japan, Korea, Australia and Canada will enter recessions over the next 12 months.

The Atlanta Federal Reserve's much watched GDP Now forecast slid to an annualized -2.1 percent for the second quarter, implying the country was already in a technical recession.

U.S. hiring is expected to have slowed in June while the minutes from the Fed's June meeting are almost certain to sound hawkish.

China put 1.7 million people under lockdown in central Anhui province over the weekend after authorities discovered over 1,000 infections in the province in the latest of a string of outbreaks testing Beijing's no-tolerance approach to Covid-19.

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