London (Reuters) -Oil futures extended losses in a volatile session on Monday as fears of a recession in top oil consumer the United States offset supply worries stemming from mounting tensions in the Middle East, the world’s largest oil producing region.

Share markets also tumbled across Asia as U.S. recession fears sent investors rushing from risk assets while wagering that rapid rate cuts will be needed to drive economic growth.

Brent crude futures dropped 53 cents, or 0.7%, to $76.28 a barrel by 0819 GMT. U.S. West Texas Intermediate crude futures were down 57 cents, or 0.6%, at $72.95.

Brent and WTI tumbled more than 3% on Friday