Oil swings higher as tight supplies overshadow demand destruction

LONDON: Oil prices swung higher in volatile trading on Monday, as traders focused on tight supplies over slowing global economic growth.

Brent crude futures settled up $1.01, or 0.9 percent, at $114.13 a barrel. The global benchmark tumbled 7.3 percent last week for its first weekly fall in five.

US West Texas Intermediate crude last traded up 61 cents, or 0.56 percent, at $110.17 in subdued trade on the Juneteenth US holiday. Front-month prices slumped 9.2 percent last week for the first decline in eight weeks.