Oil falls over 3% on softening demand, oversupply concerns

Brent crude futures for February settled down US$2.79, or 3.7%, to US$73.24 a barrel. US West Texas Intermediate crude futures for January slipped US$2.71, or 3.8%, to US$68.61 a barrel.

NEW YORK: Oil prices fell more than 3% on Tuesday to their lowest level in six months on concerns of oversupply and after US economic data showed an unexpected rise in consumer prices.

Brent crude futures for February settled down US$2.79, or 3.7%, to US$73.24 a barrel. US West Texas Intermediate crude futures for January slipped US$2.71, or 3.8%, to US$68.61 a barrel.