During a volatile session on Monday, oil futures extended their losses, with fears of a recession in the United States, the largest consumer of oil, offsetting supply concerns arising from growing tensions in the Middle East, the largest oil producing region of oil in the world.

Brent crude oil futures fell by 53 cents, or 0.7%, to $76.28 per barrel at 08:19 GMT. West Texas Intermediate U.S. crude oil futures fell 57 cents, or 0.6 percent, to $72.95. Brent and WTI fell by more than 3% on Friday, with both contracts marking their fourth straight week of losses the biggest losing streaks since November. My analysts say that oil is also under pressure due to the decision of the OPEC+ producer group to stick to its plan to phase out voluntary production cuts starting in October, which means supplies will increase later this