Oil prices settle lower on global demand worries

Brent futures settled down US$1.22, or 1.5%, to US$82.34 a barrel. US West Texas Intermediate (WTI) crude for March delivery settled down US$1.01, or 1.3%, to US$78.18 a barrel.

NEW YORK: Oil prices settled lower on Tuesday, with worries about global demand offsetting price support from the Israel-Hamas conflict.

Brent futures settled down US$1.22, or 1.5%, to US$82.34 a barrel. The six-month spread for Brent on Tuesday was at its highest since October, a sign of a tighter market.