Crude oil futures ended lower on Friday as worries about outlook for energy demand amid continued surge in coronavirus cases and lockdown restrictions weighed on oil’s prices. Meanwhile, the decision of the Organization of the Petroleum Exporting Countries and allied producers to gradually increase their output by 2 million barrels per day between May and July, raised concerns about possible excess supply in the market if lockdown restrictions remain in place for a longer duration. Besides, in India, refiners are reportedly holding back crude runs as demand slows, with headwinds ahead in the near term, including high fuel prices and localized lockdowns due to rising cases of covid-19 in several states.
Crude oil futures for May fell $0.28 or 0.5 percent to settle at $59.32 barrel on the New York Mercantile Exchange. June Brent crude dropped $0.23 or 0.36 percent to settle at $62.97 a barrel on London's Intercontinental Exchange.