Crude oil futures ended sharply lower on Friday as China’s COVID outbreak and expectations for aggressive interest-rate increases by the Federal Reserve dulled prospects for energy demand. Shanghai has extended the Covid-19 lockdown to April 26 as the eastern metropolis of 26 million reported 11 more deaths on Thursday, taking the toll in the current outbreak to 36. Besides, according to a report from Baker Hughes, the U.S. oil rig count rose one to 549 this week, the highest level since April 2020.
Benchmark crude oil futures for June delivery fell $1.72 or 1.7 percent to settle at $102.07 a barrel on the New York Mercantile Exchange. Brent crude for June delivery lost $1.68 or 1.6 percent to settle at $106.65 (Provisional) a barrel on London's Intercontinental Exchange.