Oil settles lower as supply disruption concerns ease

Brent crude futures settled down 89 cents, or 1.02% lower, to US$86.54 a barrel. US West Texas Intermediate (WTI) crude futures settled at US$83.16 a barrel, down 72 cents, or 0.9%.

HOUSTON: Oil prices settled lower on Friday as the rising possibility of a ceasefire deal in Gaza outweighed strong summer fuel demand and potential supply disruptions from Gulf of Mexico hurricanes.

Brent crude futures settled down 89 cents, or 1.02% lower, to US$86.54 a barrel, after reaching their highest since April earlier in the session. US West Texas Intermediate (WTI) crude futures settled at US$83.16 a barrel, down 72 cents, or 0.9%.