Crude oil futures ended significantly lower on Friday weighed down by a firm dollar and a downward revision in global oil demand forecast by the OPEC. Traders also weighed a likely release of oil from the Strategic Petroleum Reserve (SPR). U.S. President Joe Biden is reportedly weighing moves to release oil from SPR to cool energy prices. Meanwhile, a report released by Baker Hughes this afternoon said the oil and gas rig count in the U.S. rose six to 556 in the week to November 12, the highest level since April 2020. The total rig count has increased by 244 rigs or about 0.78% over this time last year. While oil rigs were up by 4 to 454 this week, gas rigs rose two to 102, the data showed.
Benchmark crude oil futures for December delivery fell 80 cents or 1 percent to settle at $ 80.79 a barrel on the New York Mercantile Exchange. Brent crude for January delivery lost 70 cents or 0.8 percent to settle at $82.17 a barrel on London's Intercontinental Exchange.