NEW YORK: Oil prices settled lower on Wednesday after U.S. inventory figures showed demand weakening for refined products as global COVID-19 cases spiked.

Brent crude futures settled at US$41.73 a barrel, down $1.43, or 3.3%, as of 12:48 p.m. ET. U.S. West Texas Intermediate (WTI) crude futures dropped $1.67, or 4%, to $40.03. Both benchmarks rose in the previous session.