Extending their losing streak for seventh straight session, crude oil futures settled lower on Friday amid worries about outlook for energy demand due to spikes in coronavirus cases and possible fresh restrictions on movements in several countries. A stronger dollar amid China's crackdown on the once high-flying technology firms and rising prospects of tighter monetary measures from the Federal Reserve also weighed on crude oil prices. According to a report released by Baker Hughes, the total count of U.S. active drilling rigs increased by three to 503 this week. Drilling rigs targeting crude oil rose by 8 to 405 after rising by 10 in the previous week. Gas rigs fell by 5 to 97 this week. The total count is roughly double the 254 rigs actively drilling a year ago.
Crude oil futures for September fell $1.37 or 2.2 percent to settle $62.32 barrel on the New York Mercantile Exchange. October Brent crude dropped $1.37 or 2.07 percent to settle at $65.08 a barrel on London's Intercontinental Exchange.