Oil prices settle lower, Brent below $75/barrel

Oil drilling rigs

Oil prices turned lower on Thursday as President Donald Trump reiterated promise to cut energy tariffs in the US, pointing out that lower oil prices would lead to a decline in other costs.

Brent crude futures for April delivery dropped 0.45%, or $0.32, to $74.29 a barrel.

Meanwhile, futures prices for US West Texas Intermediate (WTI) crude for March delivery increased 0.6%, or $0.42, to $70.61 per barrel.

Citigroup sees growing potential for the Brent contract to fall to $60-$65 a barrel over the course of the second half of the year.