Oil settles down 1% as US refineries shut; Washington pushes OPEC to pump more

Brent crude futures for October, due to expire on Tuesday, settled down 42 cents, or 0.6%, at US$72.99 a barrel.U.S. West Texas Intermediate (WTI) crude futures settled down 71 cents, or 1%, at $68.50.Both benchmarks posted their first monthly losses since March, even though they are not far from July highs. Brent lost 4% in July while U.S. crude fell 7%.

NEW YORK: Oil settled down 1% on Tuesday, posting its first monthly loss since March, as demand is expected to drop after Hurricane Ida shuttered U.S. Gulf refineries.

Brent crude futures for October, due to expire on Tuesday, settled down 42 cents, or 0.6%, at US$72.99 a barrel.