Oil price eases after record rally as OPEC, IEA fret about demand

Brent futures fell US33 cents, or 0.5%, to settle at $61.14 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 44 cents, or 0.8%, to settle at $58.24.

NEW YORK: Oil prices eased on Thursday, ending a record streak of gains, after both OPEC and the International Energy Agency (IEA) said renewed lockdowns and the emergence of new coronavirus variants reduced the prospect of a swift demand recovery.

Brent futures fell US33 cents, or 0.5%, to settle at $61.14 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 44 cents, or 0.8%, to settle at $58.24.