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Crude oil futures settle significantly lower on Friday

18 Jun 2022 Evaluate

Crude oil futures ended significantly lower on Friday amid mounting fears about a possible global economic recession following severe tightening of policies by several central banks, including the Federal Reserve and the Bank of England. Meanwhile, a report from Baker Hughes said active oil and gas drilling rigs in the U.S. rose by 7 to 740 in the week, about 57% above year-ago levels. The report said drilling rigs increased by 4 to 584, while gas rigs climbed by three to 154.

Benchmark crude oil futures for July delivery fell $8.03 or 6.8 percent to settle at $109.56 a barrel on the New York Mercantile Exchange. Brent crude for August delivery lost $6.00 or 5.06 percent to settle at $113.81 a barrel (provisional) on London's Intercontinental Exchange.