Extending their losses for second straight session, crude oil futures ended lower on Friday although they came up from session lows. Investors turned to profit booking after data showed a build-up in U.S. crude and fuel inventories. The Energy Information Administration (EIA) reported on Thursday that U.S. crude inventories rose by 515,000 barrels for the week ended Jan. 14. According to a poll conducted by S&P Global Platts, market participants had forecast a fall of 700,000 barrels. The report showed gasoline inventories in the United States, the world's biggest oil consumer, rose by 5.9 million barrels to their highest since February 2021. The EIA also reported a slight decline in refinery runs, indicating lower demand for crude.
Benchmark crude oil futures for February delivery fell 41 cents or 0.5 percent to settle at $85.14 a barrel on the New York Mercantile Exchange. Brent crude for March delivery lost 49 cents or nearly 0.6 percent to settle at $87.89 a barrel on London's Intercontinental Exchange.