Oil settles near 7-week lows, focus shifts to economy

US West Texas Intermediate crude futures fell 5 cents to settle at US$78.95 a barrel. Global benchmark Brent crude futures settled 23 cents, or 0.3%, higher at US$83.67 a barrel.

NEW YORK: Oil prices settled on Thursday near their lowest level in seven-weeks, narrowly mixed and under pressure from weaker global demand, rising inventories and fading hopes for a quick cut in US interest rates.

US West Texas Intermediate crude futures fell 5 cents to settle at US$78.95 a barrel, the lowest since March 12. Global benchmark Brent crude futures also hit the lowest since early March, then bounced off session lows to settle 23 cents, or 0.3%, higher at US$83.67 a barrel.