Oil price falls, Brent posts biggest quarterly drop this year

Oil field

HOUSTON: Oil prices fell on Monday on fading concerns of supply shortfalls and conflicts in the Middle East after the Sept. 14 attack on Saudi Arabia, but global benchmark Brent posted its biggest quarterly loss this year on demand fears due to the escalating U.S.-China trade war.

Brent crude futures settled at $60.78, down $1.13, or 1.8%. U.S. West Texas Intermediate (WTI) crude futures, the U.S. benchmark, fell US$1.84, or 3.3%, to $54.07.