Oil posts weekly drop as US rate cut hopes dim

Brent crude futures settled down US$2.05, or 2.5%, at US$81.62 a barrel, while US West Texas Intermediate crude futures (WTI) were down US$2.12, or 2.7%, to US$76.49.

NEW YORK: Oil prices fell nearly 3% lower on Friday and posted a weekly decline after a US central bank policymaker indicated interest rate cuts could be delayed by at least two more months.

Brent crude futures settled down US$2.05, or 2.5%, at US$81.62 a barrel, while US West Texas Intermediate crude futures (WTI) were down US$2.12, or 2.7%, to US$76.49.