Oil prices down more than 1% on rising supply, trade war

[NEW YORK] Oil prices dropped more than 1 per cent on Tuesday on signs of rising supply and concern that global economic growth and demand for fuel will fall victim to the US-China trade war.

Brent crude futures fell US$1.43, or 1.9 per cent, to settle at US$75.91 a barrel. US West Texas Intermediate (WTI) crude futures fell 86 cents to settle at US$66.18 a barrel, a 1.3 per cent drop.

Earlier in the session, Brent reached a session low of US$75.09 a barrel, the lowest since Aug 24. WTI slumped to US$65.33 a barrel, the weakest since Aug 17.