Oil prices settle lower on stronger supply outlook

LONDON: Oil prices settled lower on Friday, making their weekly finish flat to lower, as indications of strong Russian oil supply offset better-than-expected US economic growth data, strong middle distillate refining margins and hopes of a rapid recovery in Chinese demand.

Brent futures settled down 81 cents, or 0.9%, at US$86.66 per barrel, up just three cents from last week’s settlement. US crude fell US$1.33, or 1.6 %, to settle at US$79.68, 2% lower on the week.