Oil Prices Retreat at Settlement: Brent Crude Slips to $98.27

Oil prices recorded a decline on Wednesday as global benchmarks settled lower.

Brent crude futures fell by 21 cents, or 0.2 percent, to settle at $98.27 a barrel.

Similarly, U.S. West Texas Intermediate (WTI) crude futures dropped by 28 cents, or 0.3 percent, reaching $89.39 per barrel.