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Crude oil futures end lower on Friday

26 Nov 2022 Evaluate

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.