Brent crude settled down US$1.18, or 1.6%, at $71.07 a barrel. U.S. West Texas Intermediate oil settled down 94 cents, or 1.4% at 67.42 a barrel.
NEW YORK: Oil settled lower on Thursday, snapping a three-day rally on renewed concerns over demand due to rising COVID-19 infections and as Mexico restored some output after a fire disrupted supplies.
Losses were limited by the potential for other supply interruptions. Energy companies prepared for the possibility of a severe storm hitting the U.S. Gulf Coast this weekend.
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