Crude oil futures ended lower on Friday as prices declined on reports that crude supply is getting restored slowly after Hurricanes Ida and Nicholas had impacted production in the US Gulf of Mexico. Despite the restoration of supply, a report from the Bureau of Safety and Environmental Enforcement estimated that approximately 28% of the current oil production in the Gulf of Mexico is still shut in. A firm dollar also contributed to the decline in crude oil prices.
Crude oil futures fell $0.64 or 0.9 percent to settle at $71.97 barrel on the New York Mercantile Exchange. November Brent crude dropped $0.33 or 0.4 percent to settle at $75.34 a barrel on London's Intercontinental Exchange.