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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%, to $112.11 a barrel by 0153 GMT.U.S. West Texas Intermediate crude was at $109.36 a barrel, down 41 cents, or 0.4%.“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 marketsare also spooked by concerns over interest rate hikes and extended COVID-19 lockdowns in China that are hurting the world’s No. 2 economy.
