Crude oil futures settled lower on Friday as traders turned cautious weighing demand and supply positions in the market. According to reports, Norway reached an agreement with labor union officials, bringing the strike to an end, which otherwise could have resulted in a sharp reduction in Norwegian crude output next week. According to a report from Baker Hughes, the number of active oil drilling rigs count in the US went up by 4 to 193 this week. Traders were also reacting to comments by the Organization of the Petroleum Exporting Countries (OPEC) that world oil demand will plateau in the late 2030s and could by then have begun to decline.
Crude oil futures for November declined $0.59 or 1.4 percent to settle at $40.60 a barrel on the New York Mercantile Exchange. December Brent crude fell $0.50 or 1.1 percent to settle at $42.85 a barrel on London's Intercontinental Exchange.