NEW YORK, June 5 (Xinhua) -- Oil prices settled lower Monday as geopolitical tensions in the Middle East raised market concerns.

The West Texas Intermediate for July delivery lost 0.26 U.S. dollar to settle at 47.40 dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery erased 0.48 dollar to close at 49.47 dollars a barrel on the London ICE Futures Exchange.