Oil settles down on weaker US consumer sentiment

Brent crude futures settled 37 cents lower to US$85.03 a barrel. US West Texas Intermediate crude futures fell 41 cents, or 0.5%, to close at US$82.21 a barrel.

NEW YORK: Oil futures prices settled slightly lower on Friday as investors weighed weaker US consumer sentiment against mounting hopes for a Federal Reserve rate cut in September.

Brent crude futures settled 37 cents lower to US$85.03 a barrel. US West Texas Intermediate crude futures fell 41 cents, or 0.5%, to close at US$82.21 a barrel.