Oil settles lower as rate cut hopes moderate

Brent crude futures settled down 74 cents, or 0.8%, to US$89.74 a barrel while US West Texas Intermediate crude futures settled down US$1.19, or 1.4%, to US$85.02.

NEW YORK: Oil prices settled lower on Thursday as sticky inflation dampened hopes for near-term US interest rate cuts, but worries that Iran might attack Israeli interests kept crude near six-month highs.

Brent crude futures settled down 74 cents, or 0.8%, to US$89.74 a barrel while US West Texas Intermediate crude futures settled down US$1.19, or 1.4%, to US$85.02.