Crude oil futures settled in red on Friday, on worries about energy demand due to the surge in coronavirus cases in several countries and fresh lockdown measures. According to reports, the spread of coronavirus cases in France is getting out of control. Italy is seeing a surge in new cases, and several states across the U.S. have been reporting increases in infections. Worries about excess supply in the market due to a surge in oil exports from Libya and data showing another increase in US oil-rig count also impacted oil prices. According to reports, crude output from Libya has exceeded 500,000 barrels per day and it is expected to increase further by the end of this month. A report from Baker Hughes said US oil-rig count rose for a fifth straight week, surging up by 6 to a total of 211 this week. Meanwhile, active US rig count went up by 5 to 287 in the week ending October 23.
Crude oil futures for December fell $0.79 or 1.9 percent to settle at $39.85 a barrel on the New York Mercantile Exchange. December Brent crude slipped $0.75 or 1.8 percent to settle at $41.71 a barrel on London's Intercontinental Exchange.