Brent futures settled US71 cents, or 1.4%, lower at $51.09 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 90 cents, or 1.9%, to settle at $47.62. Earlier in the session, WTI hit its highest since February and Brent its highest since March. The premium of Brent over WTI reached its highest since May.
NEW YORK: Oil prices slipped from multi-month highs to end more than 1% lower on the first trading day of the year after OPEC+ failed to decide on Monday whether to increase output in February and agreed to meet again on Tuesday.
Brent futures settled US71 cents, or 1.4%, lower at $51.09 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 90 cents, or 1.9%, to settle at $47.62.
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