Brent, WTI reverse gains, resume slide
Oil has been falling for four out of five last weeks
Keystone pipeline shut, Russia threatens to cut output

SINGAPORELONDON, Dec 12 Reuters Oil prices fell on Monday, deepening a multiweek decline, as a weakening global economy offset supply woes stemming from the closure of a key pipeline supplying the United States and Russian threats of a production cut.

Brent crude futures were down 38 cents, or 0.4, at 75.72 a barrel by 0900 GMT. U.S. West Texas Intermediate crude was at 70.76 a barrel, down 26 cents, or 0.3.

Last week, Brent and WTI fell to their lowest since December 2021 amid concerns that a possible global recession will impact oil demand.

China, the world39;s biggest crude oil importer, continued to loosen its strict zeroCOVID policy, though streets in the capital Beijing remained quiet and many businesses stayed shut over the weekend.

On Monday, queues formed outside fever clinics in the cities of Beijing and Wuhan, where COVID first emerged three years ago.

Oil markets will likely stay volatile in the near term amid uncertainty over the impact on Russian output from the EU39;s ban, headlines on China39;s COVID policy, and central bank movements in the U.S. and Europe, UBS analysts said in a note.

UBS said it believed Brent should recover to above 100 per barrel in the coming months amid supply constraints and rising demand while OPEC would keep supply tight.

On Sunday, Canada39;s TC Energy said it had not yet…