Oil steadies in thin trading as traders weigh growth outlook

Oil was little changed on Monday as traders weighed whether aggressive US monetary policy tightening will lead to a recession that would stymie consumption.

Brent traded near US$114 a barrel after shedding more than 5 per cent Friday as escalating concerns about the pace at which the Federal Reserve is raising rates rattle financial markets. Trading was thin Monday due to a US holiday. 

Daily oil production in Libya rebounded to around 800,000 barrels a day after the country’s energy minister said recently it had fallen to between 100,000 and 200,000 a day. That implied supply disruptions in the OPEC member’s production could be smaller than traders had expected.