Oil price falls in volatile trade as investors seek OPEC clarity

Brent crude settled at US$73.43 a barrel, falling $1.10, or 1.5%. U.S. West Texas Intermediate settled at $72.20 a barrel, shedding $1.17 or 1.6%. Both benchmarks rallied more than $1 a barrel earlier in the session, similar to Tuesday's action.

NEW YORK: Oil prices fell more than US$1 a barrel on Wednesday in another seesaw trading session, as investors feared what this week's collapse in OPEC+ talks meant for worldwide production.

Crude markets have been volatile over the last two days following the breakdown of discussions between major oil producers Saudi Arabia and United Arab Emirates.