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Crude oil futures end lower on Friday on demand concerns

12 Dec 2020 Evaluate

Crude oil futures ended lower on Friday on concerns over outlook for energy demand amid surge in coronavirus cases and tighter restrictions on businesses in several places around the world. Oil prices also got hurt due to uncertainty about US fiscal stimulus anytime soon and the possibility of a no-deal Brexit. Recent data showing a surge in crude inventories in the US, and increased output from Libya also weighed on oil prices. A report from Baker Hughes said the number of active U.S. rigs drilling for oil rose by 12 to 258 this week. However, the rollout of coronavirus vaccines in the U.K., and the nod for Pfizer/BioNTech vaccine from the U.S. drug regulators helped limit oil's decline.

Crude oil futures for January slipped $0.21 or 0.5 percent to settle at $46.57 a barrel on the New York Mercantile Exchange. February Brent crude declined $0.28 or 0.56 percent to settle at $49.97 a barrel on London's Intercontinental Exchange.