Oil settled lower on Thursday, weighed down by weakness in U.S. equities markets and an expectation that crude output would rise in the Gulf of Mexico following last week’s hurricane in the region.
U.S. West Texas Intermediate crude futures fell $1.48 — or 2.6% — to settle at $55.30. The U.S. benchmark dropped 1.5% in the previous session, and 3% on Tuesday.
Brent crude futures fell $1.94, or more than 3%, at $61.72 a barrel by 2:36 p.m. ET. They fell 1% on Wednesday, and 3% on Tuesday. Read More