Crude oil futures ended sharply lower on Friday, pushing the most active crude futures contract to their lowest close in about seven months. Weak outlook for energy demand due to a possible global recession outweighed concerns about tight supplies. The dollar's strong uptick weighed as well on oil prices. A report from Baker Hughes said the number of oil rigs in the U.S. increased by three to 602 in the week ending September 23. The number of US gas rigs fell by two to 160 during the week. The total number of rigs in the U.S. now stand at 764, up 181, compared to the same period a year earlier.
Benchmark crude oil futures for November delivery fell $4.75 or about 5.7 percent at $78.74 a barrel on the New York Mercantile Exchange. Brent crude for November delivery declined $4.28 or about 4.73 percent to settle at $86.18 (Provisional) a barrel on London's Intercontinental Exchange.