- Oil has been falling for four out of five last weeks
- Keystone pipeline shut, Russia threatens to cut output
LONDON, Dec 12 (Reuters) – Oil prices steadied on Monday after several weeks of declines as a weakening global economy offset supply woes stemming from the closure of a key pipeline supplying the United States and Russian threats of a production cut.
Brent crude futures were down 15 cents at $75.95 a barrel by 1310 GMT. U.S. West Texas Intermediate crude was at $71.39 a barrel, up 37 cents.
Last week, Brent and WTI fell to their lowest since December 2021 amid concerns that a possible global recession will impact oil demand.
China, the world’s biggest crude oil importer, continued to loosen its strict zero-COVID policy, though streets in the capital Beijing remained quiet and many businesses stayed shut over the weekend.
On Monday, queues formed outside fever clinics in the cities of Beijing and Wuhan, where COVID first emerged…
