Oil settles at 2-week low under $36 a barrel

Crude-oil prices settled under $36 a barrel on Tuesday, marking their lowest settlement in about two weeks, as concerns about an expanding global glut and weak economic data from China weighed on sentiment.

Tensions in the Middle East, another driver of oil’s recent gyrations, have remained high.

February West Texas Intermediate crude CLG6, +0.22%  fell by 79 cents, or 2.2%, to settle at $35.97 a barrel on the New York Mercantile Exchange. Prices, which touched highs above $37 early on in the session, settled at their lowest level since Dec. 21. February Brent crude on London’s ICE Futures exchange LCOG6, +0.11%  fell 80 cents, or 2.2%, to $36.42 a barrel.

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