Oil settles down on more supply in US, abroad

Brent crude settled at US$79.55 a barrel, losing 51 cents, or 0.6%. US West Texas Intermediate crude settled at US$74.37 a barrel, shedding 39 cents, or 0.5%.

NEW YORK: Oil prices settled lower on Tuesday as traders focused on rebounding crude output in parts of the US, along with rising supply in Libya and Norway, rather than risks to supply posed by conflict in Europe and the Middle East.

Brent crude settled at US$79.55 a barrel, losing 51 cents, or 0.6%. US West Texas Intermediate crude settled at US$74.37 a barrel, shedding 39 cents, or 0.5%.