Oil futures struggled for direction on Monday amid persistent worries about recessionary environment taking hold of major global economies and the potential effect contractions could have on energy demand. Efforts by OPEC to reduce output and U.S. sanctions on Venezuela and Iran have helped to keep prices in check.
West Texas Intermediate crude for May delivery on the New York Mercantile Exchange fell 8 cents, or less than 0.1%, at $58.96 a barrel. On Friday, the front-month contract ended higher for the week, up 0.4% from the week-ago finish, according to Dow Jones Market Data.
May Brent crude was 15 cents, or 0.2%, lower at $66.88 a barrel on ICE Futures Group, after booking a weekly decline of 0.2%.