Oil settles lower to start 2024 as supply concerns ease

Brent crude settled at US$75.89, down by US$1.15 or 1.5%. US West Texas Intermediate crude settled at US$70.38 a barrel, down by US$1.27 or 1.8%.

HOUSTON: Oil prices closed the first trading session of 2024 lower as expectations for interest rate cuts waned and on easing concerns that tensions in the Red Sea will disrupt supplies.

Brent crude settled at US$75.89, down by US$1.15 or 1.5%. US West Texas Intermediate crude settled at US$70.38 a barrel, down by US$1.27 or 1.8%.