Crude oil futures ended lower on Friday as investors weighed the prospects for energy demand from China. Worries about the outlook for energy demand from China due to a surge in Covid cases and the imposition of stringent restrictions in several cities in the country. Meanwhile, markets also continued to closely track the news about the discussions over a price cap on Russian crude.
Benchmark crude oil futures for December delivery fell $1.66 or about 2.1 percent at $76.28 a barrel on the New York Mercantile Exchange. Brent crude for January delivery dropped $1.71 or about 2 percent to settle at $83.63 (Provisional) a barrel on London's Intercontinental Exchange.