London: Oil prices settled lower on Friday, with Brent crude futures falling by 29 cents, or 0.38 percent, to close at US$76.01 a barrel. US West Texas Intermediate crude futures declined by 67 cents, or 0.93 percent, to settle at US$71.41 a barrel.

According to Emirates News Agency, the decrease in oil prices was observed as markets responded to various global economic signals and supply dynamics impacting the energy sector. This decline in prices reflects ongoing market adjustments and economic factors influencing oil futures.