Crude oil futures ended lower on Friday on concerns about outlook for energy demand. Also, easing concerns about supply following resumption of oil exports from Libya, and the Russian supply of natural gas to Europe through the Nord Stream pipeline weighed on oil prices. A report from Energy Information Administration shows gasoline demand has dropped almost 8% from the previous year. According to the report from Baker Hughes, the oil and gas rig count in the U.S. rose by two to 758 in the week, the highest level since March 2020. The Baker Hughes has warned that the demand outlook for the next 12 to 18 months was ‘deteriorating’.
Benchmark crude oil futures for September delivery fell $1.65 or about 1.7 percent to settle at $94.70 a barrel on the New York Mercantile Exchange. Brent crude for September delivery lost $0.65 or 0.64 percent to settle at $103.21 a barrel on London's Intercontinental Exchange.