Oil prices settle lower as supply worries ease

Brent futures settled down 28 cents, or 0.37%, at US$74.74 a barrel. US West Texas Intermediate (WTI) crude fell 55 cents, or 0.77%, to US$70.74.

NEW YORK: Oil prices settled down on Friday on prospects for a peace deal between Russia and Ukraine that could ease global supply disruptions by ending sanctions against Moscow, but losses were limited by a delay in US immediate reciprocal tariffs.

Brent futures settled down 28 cents, or 0.37%, at US$74.74 a barrel. US West Texas Intermediate (WTI) crude fell 55 cents, or 0.77%, to US$70.74.