LONDON, June 20 Reuters Oil prices were stable on Monday, struggling to reverse last week39;s losses as the market balanced tightening supplies with concerns about slowing global economic growth.

Brent crude futures were down 14 cents, or 0.12, at 112.98 a barrel by 1246 GMT. Frontmonth prices tumbled 7.3 last week for their first weekly fall in five.

U.S. West Texas Intermediate crude was up 13 cents, or 0.12, at 109.69. Frontmonth prices dropped 9.2 last week for the first decline in eight weeks.

Fridays steep price fall can be seen as a delayed reaction to the concerns about recession that have already been weighing on the prices of other commodities for some time, said Commerzbank analyst Carsten Fritsch.

Analysts and investors said they believe a recession is more likely after the U.S. Federal Reserve approved on Wednesday the largest interest rate increase in more than a quarter of a century in an effort to contain a surge in inflation.

Similar tightening approaches by the Bank of England and Swiss National Bank last week ensued.

Brent crude futures on Monday touched their lowest in a month, but some analysts expect the slump to be shortlived.

Supplies will remain tight and continue supporting high oil prices. The norm for ICE Brent is still around the 120bbl mark, said PVM analyst Stephen Brennock.

Western sanctions have reduced access to oil from Russia after its invasion of Ukraine, which Russia calls a special operation.

While China39;s crude oil…