Oil futures settle lower on risks to demand

Oil futures settled lower on Thursday, with U.S. prices down a second session. "With the supply side remaining supportive of higher prices, oil just needs to consolidate for a month for India and Japan to get a better handle on COVID," said Edward Moya, senior market analyst at Oanda. U.S. benchmark prices could rally 10% to 15% "once India's COVID crisis improves," he said. June West Texas Intermediate crude CLM21, -1.17% lost 92 cents, or 1.4%, to settle at $64.71 a barrel on the New York Mercantile Exchange.