Oil prices ease on US-China trade tensions

Brent crude futures fell 48 cents, or 0.8%, to settle at US$61.91 a barrel. US West Texas Intermediate (WTI) futures fell 43 cents, or 0.7%, to settle at US$58.27.

NEW YORK: Oil prices eased on Wednesday to a five-month low on escalating US-China trade tensions and the International Energy Agency's prediction of a supply surplus in 2026.

Brent crude futures fell 48 cents, or 0.8%, to settle at US$61.91 a barrel. US West Texas Intermediate (WTI) futures fell 43 cents, or 0.7%, to settle at US$58.27. Those were the lowest settlements for both benchmarks since May 7 for a second day in a row.