Crude oil futures ended lower on Friday as worries about the demand outlook amid the continued surge in coronavirus cases weighed on the commodity. Several countries across Europe have imposed fresh restrictions to curb the spread of virus infections. Several states in the US have also seen a surge in new cases and an increasing number of hospitalizations over the past few days. According to a report from Baker Hughes, the US oil-rig count rose for a fourth week in a row, with active-oils count surging up by 12 to 205. The report said active drilling-rig count rose by 13 to 282 this week. Despite lingering concerns over the demand recovery, the Organization of the Petroleum Exporting Countries (OPEC) and its allies plan to taper the ongoing oil production cuts as of January 2021, as initially agreed.
Crude oil futures for November fell 8 cents or about 0.2 percent to settle at $40.88 a barrel on the New York Mercantile Exchange. December Brent crude declined 23 cents or 0.5 percent to settle at $43.16 42.93 a barrel on London's Intercontinental Exchange.