Brent Slips Amid G-7, Recession Concerns

Brent Crude: futures slipped below $112 per barrel on Monday as the Group of Seven nations discussed a price cap mechanism on Russian oil, while fears of a demand-sapping recession continued to weigh on markets.

The potential mechanism would work by imposing restrictions on insurance and shipping, allowing only the transportation of Russian crude and petroleum products sold below an agreed threshold.

Oil was also headed for its first monthly decline since November as investors fretted over a potential global slowdown spurred by aggressive interest rate hikes worldwide to combat surging inflation.

Elsewhere, the US and Iran will reportedly restart talks over reviving a nuclear deal in the coming days, with the EU acting as a mediator.