Oil prices steady

Oil prices were steady on Monday, with concerns of a sharp economic slowdown competing with support from tighter supply due to Opec's production cutbacks and US sanctions on Iran and Venezuela.

Brent crude oil futures were down 7 cents, or 0.1 percent, at $66.96 per barrel at 0955 GMT, while US West Texas Intermediate (WTI) futures were unchanged at $59.04 per barrel.

Both crude oil price benchmarks closed down on the week since briefly hitting their highest since November 2018.

Concerns about a potential US recession emerged Friday after cautious remarks by the US Federal Reserve caused 10-year treasury yields to slip below the three-month rate for the first time since 2007.

Historically, an inverted yield curve - where long-term rates fall below short-term - has signaled an upcoming recession.

“Oil prices are under pressure due to a combination of recession fears and gloomy market sentiment,” Commerzbank said.