Crude oil futures ended sharply lower on Friday on easing worries about supply disruption in the U.S. Gulf of Mexico, and lowering of oil demand forecast for 2022 by the Organization of the Petroleum Exporting Countries (OPEC). OPEC has lowered its oil demand expectations by 260,000 barrels per day from its previous forecast for the year. The OPEC now expects demand to rise by 3.1 million bpd this year. Meanwhile, a report from Baker Hughes said oil rigs count in the U.S. rose by three to 601 this week.
Benchmark crude oil futures for September delivery fell $2.25 or about 2.4 percent to settle at $92.09 a barrel on the New York Mercantile Exchange. Brent crude for October delivery lost $1.65 or 1.66 percent to settle at $97.95 a barrel on London's Intercontinental Exchange.