Crude oil futures settled sharply lower on Friday, with cut of over 2%, as worries about energy demand resurfaced amid a continued surge in coronavirus cases in Asia. India reported another sharp spike in coronavirus cases, with more than 3.86 lakh people getting infected on Friday. Brazil and Japan have also reported spikes in infections. Weak factory activity data from China and a contraction in Euro Zone economic growth also weighed on crude oil prices. Meanwhile, according to a report from Baker Hughes, oil and natural gas rigs count rose by two to 440 in the week, the highest since April 2020.
Crude oil futures for June slipped $1.43 or 2.2 percent to settle at $63.58 barrel on the New York Mercantile Exchange. June Brent crude declined $1.33 or 1.95 percent to settle at $66.68 a barrel on London's Intercontinental Exchange.