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Crude oil futures extend losses on Friday

19 Nov 2022 Evaluate

Extending their previous session’s losses, crude oil futures closed in red on Friday with cut of around 2% amid concerns about outlook for demand from China, and easing worries about supply. A firm dollar also weighed down on oil prices. Baker Hughes reported that the number of active U.S. rigs drilling for oil rose by one to 623 this week. That followed an increase of nine in the previous week, and is a third straight weekly rise. The total active U.S. rig count, which includes those drilling for natural gas, climbed by three to 782.

Benchmark crude oil futures for December delivery fell $1.56 or about 1.9 percent at $80.08 a barrel on the New York Mercantile Exchange. Brent crude for January delivery dropped $2.16 or about 2.4 percent to settle at $87.62 (Provisional) a barrel on London's Intercontinental Exchange.