Oil settles lower on faltering China economy

Brent crude futures for March, which expire on Wednesday, settled down US$1.16, or about 1.4%, to US$81.71 a barrel. US West Texas Intermediate crude futures settled down US$1.97, or roughly 2.5%, to US$75.85.

NEW YORK: Oil prices settled lower on Wednesday, pressured by low economic activity in leading crude importer China and a surprise build in US crude inventories as producers ramped up output following frigid weather this month.

Brent crude futures for March, which expire on Wednesday, settled down US$1.16, or about 1.4%, to US$81.71 a barrel while the more actively traded April contract settled down US$1.89, or about 2.3%, at US$80.55.