Oil settles down after US boosts crude output forecast

Brent futures for May delivery settled 29 cents lower at US$81.92 a barrel. The April US West Texas Intermediate (WTI) crude contract ended 37 cents lower at US$77.56.

NEW YORK: Oil prices dipped on Tuesday, settling slightly lower after a higher-than-expected forecast for US crude oil production and bearish economic data, but persistent geopolitical tensions limited declines.

Brent futures for May delivery settled 29 cents lower at US$81.92 a barrel. The April US West Texas Intermediate (WTI) crude contract ended 37 cents lower at US$77.56.