Oil settles lower as hopes dim for US-China trade

Brent crude futures settled US$1.03, or 1.66%, lower at US$61.12 a barrel, while US West Texas Intermediate crude lost US$1.02, or 1.73%, lower at US$58.07 a barrel.

NEW YORK: Oil prices fell by more than US$1 a barrel on Wednesday as investors doubted that upcoming US-China trade talks will result in a breakthrough, while hopes for an Iran-US nuclear deal eased supply worries.

Brent crude futures settled US$1.03, or 1.66%, lower at US$61.12 a barrel, while US West Texas Intermediate crude lost US$1.02, or 1.73%, lower at US$58.07 a barrel.