HOUSTON: Oil prices settled more than 1% lower on Tuesday, the third straight day of losses, on worries of a slowing Chinese economy crimping demand, though declines were stemmed by a growing consensus the US Federal Reserve could begin cutting its key interest rate as soon as September.
Brent futures closed down US$1.12, or 1.3%, at US$83.73 a barrel, while US West Texas Intermediate (WTI) crude fell US$1.15, or 1.4%, to US$80.76.
