Oil prices open the week lower, Brent slips under $113

Oil prices declined on Monday after marking weekly losses on concerns about  a global economic recession. 

Marketa are pricing in Fed Chair Jerome Powell's testimony ahead of Congress, asserting its commitment to contain inflationary pressures even if it led to a recession.

Otherwise, Baker Hughes for oil services reported an increase in the US oil rig count by 10 to 594 rigs last week. 

US crude futures due in August fell 0.2% to $107.3 a barrel, after marking a weekly loss of 0.3%.

Brent futures due in August fell 0.1% to $112.9 a barrel after ending flat last week.