Oil settles lower as China developer downgrades add to fears of demand outlook

Oil prices settled lower on Thursday on fears about the economic outlook in the world's biggest oil importer following ratings downgrades to two Chinese property developers, and after some governments took measures to fight the Omicron variant of the coronavirus.

Brent crude futures settled down $1.40, or 1.9%, to $74.42 a barrel, backing off a session high of $76.70. U.S. West Texas Intermediate (WTI) crude futures were down $1.42, or 2%, at $70.94 after hitting a peak of $73.34.