Skip to main content

MoneyWorks4Me

Crude oil futures end sharply lower amid demand concerns

23 Apr 2022 Evaluate

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.