Crude oil futures pared early gains and settled lower on Friday amid uncertainty about the outlook for energy demand due to fresh restrictions on movements following the spread of the new coronavirus variant Omicron in several countries. Oil prices climbed earlier in the day, riding on the decision of OPEC+ to stick to their existing policy of monthly oil output increases but left room for quick adjustments if the Omicron variant hits demand. Meanwhile, a report from Baker Hughes said the total count of active drilling rigs in the U.S. held steady at 569, the same as last week. Rigs targeting crude oil and natural gas remained unchanged at 467 and 102, respectively.
Benchmark crude oil futures for January delivery fell 24 cents, or 0.4 percent to settle at $66.26 a barrel on the New York Mercantile Exchange. Brent crude for February delivery rose 21 cents or 0.3percent to settle at $69.88 a barrel on London's Intercontinental Exchange.