Crude oil futures settled lower on Friday amid worries about the outlook for energy demand due to increased Covid-19 restrictions in parts of China. Following the surge in cases, fresh lockdowns have been imposed in several cities in China, maintaining the country's Covid Zero policy that has contributed to the reduction of economic activity in the world's largest importer of crude. Traders also look ahead to the update from the Organization of the Petroleum Exporting Countries (OPEC) about its long-time oil demand forecasts, due on Monday. Meanwhile, a report from Baker Hughes showed the number of total active drilling rigs in the United States fell 3 this week.
Benchmark crude oil futures for December delivery fell $1.18 or 1.3 percent at $87.90 a barrel on the New York Mercantile Exchange. Brent crude for January delivery declined $1.27 or about 1.3 percent to settle at $93.77 (Provisional) a barrel on London's Intercontinental Exchange.