Oil hovers at 8-month lows as U.S. recession fears offset Mideast tensions

Brent crude futures settled down US$2.71, or 3.41%, to US$76.81 a barrel. US West Texas Intermediate crude futures settled down US$2.79, or 3.66%, at US$73.52.

SINGAPORE: Oil prices hovered at eight-month lows on Monday as fears of a recession in the United States, the world's top oil consumer, offset concerns that escalating tensions in the Middle East may affect supplies from the largest producing region.

Brent crude futures inched down 4 cents, or 0.1%, to $76.77 a barrel by 0035 GMT, while U.S. West Texas Intermediate crude futures were at $73.39 a barrel, down 13 cents, or 0.2%.