Oil swings higher as tight supplies overshadow demand destruction

Brent crude futures LCOc1 settled up $1.01, or 0.9%, at $114.13 a barrel. The global benchmark tumbled 7.3% last week for its first weekly fall in five. U.S. West Texas Intermediate crude CLc1 last traded up 61 cents, or 0.56%, at $110.17 in subdued trade on the Juneteenth U.S. holiday. Front-month prices slumped 9.2% last week for the first decline in eight weeks.

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

Brent crude futures LCOc1 settled up $1.01, or 0.9%, at $114.13 a barrel. The global benchmark tumbled 7.3% last week for its first weekly fall in five.