Oil Resumes Slide as Weak Economy Outweighs Supply Risks

This photograph taken on December 11, 2022 shows storage tanks at the facilities of the oil products company Exolum at the port of Barcelona. (AFP)

Oil prices fell on Monday, deepening a multi-week decline, 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 38 cents, or 0.4%, at $75.72 a barrel by 0900 GMT. US West Texas Intermediate crude was at $70.76 a barrel, down 26 cents, or 0.3%.