Crude oil futures ended considerably lower on Friday, weighed down by rising concerns over outlook for energy demand due to the continued surge in coronavirus cases across the US and in several European countries. Higher output from Libya also weighed on oil prices. A report from Baker Hughes showing another increase in US drilling rigs count added to oil's woes. The report said total active drilling rigs in the US increased for the eighth week in a row, rising to 300 (up 4) this week. US oil rigs added 5 to 226, while gas rigs count fell by 1 to 71. Besides, the likelihood of Organization of the Petroleum Exporting Countries (OPEC) and allies delaying an earlier proposal of increasing crude output by 2 million barrels from January helped limit oil's downside.
Crude oil futures for December fell $1.65 or 4.3% percent to settle at $ $37.14 a barrel on the New York Mercantile Exchange. January Brent crude declined $1.52 or 3.7 percent to settle at $39.41 a barrel on London's Intercontinental Exchange.