Oil edged lower on Monday as fears of a global recession that would hit demand overshadowed concerns of tight supply amid lower OPEC output, unrest in Libya and sanctions on Russia. Figures on Friday showed Euro zone inflation hit yet another record high in June, firming the case for rapid European Central Bank rate hikes starting this month. read more U.S. consumer sentiment hit a record low in June. read more Brent crude fell 33 cents, or 0.3%, to $111.30 a barrel at 0815 GMT, after falling over $1 in early trade. U.S. West Texas Intermediate (WTI) crude slipped 40 cents, or 0.4%, to $108.03. “The risk is tilted to the downside as traders are concerned about slowing oil demand due to […]