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Oil prices were flat to slightly lower on Monday, as concerns of a sharp economic slowdown overshadowed investor optimism over OPEC-led supply cuts and the U.S. sanctions on Iran and Venezuela.
Global benchmark Brent crude slid 0.25 percent to $66.58 per barrel while U.S. West Texas Intermediate (WTI) futures were down 0.1 percent at $58.98 per barrel.
Growth worries persist after the U.S. Federal Reserve last week lowered its inflation and growth forecasts, due to ongoing headwinds from trade tensions with China and growing political fragmentation.
Meanwhile, 10-year treasury yields slipped below the three-month rate for the first time since 2007, raising the chances of U.S. going into a recession.
It is believed that an inverted yield curve - where long-term rates fall below short-term - will put a damper on bank lending profits.
The downside in the oil market, however, remained capped by signs of tighter supply and declines in U.S. crude stocks.
