Oil prices ease on concerns over recession, weaker consumption

Oil prices eased in early trade on Tuesday as concerns over a possible recession and weaker consumption outweighed an expectation of tight global supply and a pick-up in fuel demand in China after Beijing's promises of stimulus.

Brent crude futures for July slid 35 cents, or 0.3%, to $113.07 a barrel by 0122 GMT. US West Texas Intermediate (WTI) crude futures for July delivery dropped 36 cents, or 0.3%, to $109.93 a barrel. Both benchmarks declined by more than $1 earlier in the session.