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Crude oil futures end lower on Friday

01 Jan 2022 Evaluate

Crude oil futures ended lower on the eve of 2022, marking the first decline in the past eight sessions, but the loss belies a stellar year for crude bulls, with the commodity posting the sharpest annual rise since 2009. Oil Prices fell after US health experts warned Americans to prepare for severe disruptions in the first weeks of 2022 amid increased holiday travel, New Year celebrations and school reopenings following winter breaks. Crude oil futures climbed 1.9% in the week. Oil futures climbed as much as 55% in the year. Brent crude futures gained about 11% in December, and posted a gain of 51% in the year.

Benchmark crude oil futures for February delivery fell $1.78 or 2.3 percent to settle at $75.21 a barrel on the New York Mercantile Exchange. Brent crude for February delivery dropped $1.68 or 2.1 percent to settle at $77.85 a barrel on London's Intercontinental Exchange.

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