Crude oil futures ended lower on Friday after U.S. government data revealed an unexpected weekly rise in domestic crude supplies. The Energy Information Administration reported Friday that U.S. crude inventories rose by 4.4 million barrels for the week ended January 15. However, the EIA data also showed crude stocks at the Cushing, Okla., storage hub declined by 4.7 million barrels for the week. A resurgence of COVID-19 infections in China and Southeast Asia also raised concerns about near-term oil demand. COVID-19 cases have reappeared in China with 103 new infections, marking an 11th day with more than 100 confirmed infections and forcing a lockdown for the first time in months. Meanwhile, Hong Kong on Friday announced its first lockdown, a move reminiscent of the measures used to combat the outbreak of SARS 20 years ago.
Crude oil futures for March fell 86 cents or 1.6 percent to settle at $52.27 barrel on the New York Mercantile Exchange. March Brent crude lost 69 cents or 1.2 percent to settle at $55.41 a barrel on London's Intercontinental Exchange.