Snapping a three-day winning streak, crude oil futures ended lower on Friday as worries about outlook for energy demand weighed on prices. Oil prices surged earlier in the session as worries about supply outweighed concerns over outlook for oil demand. The sanctions on Russia is expected to reduce the supplies of crude from Russia far more than the reduction in demand from China, where several places are under coronvirus curbs. A report released by Baker Hughes showed Oil rigs count in the U.S. rose by 3 to 552 in the week. Natural gas rigs count remains unchanged at 144, while total rigs count in the country rose by 3 to 698.
Benchmark crude oil futures for June delivery fell 67 cents or 0.6 percent to settle at $104.69 a barrel on the New York Mercantile Exchange. Brent crude for June delivery lost $0.72 or 0.67 percent to settle at $106.60 (Provisional) a barrel on London's Intercontinental Exchange.