Crude oil futures ended lower in volatile trading on Friday as growing recession fears negated any supply woes after weak economic data from China, Europe and the United States. It is feared that demand from China will likely see a drop due to the impact of Covid-19 infections, although the country has loosened some of the restrictions imposed. Meanwhile, traders looked ahead to the monetary policy meetings of the U.S. Federal Reserve, the Bank of England and the European Central Bank, due next week.
Benchmark crude oil futures for January delivery fell $0.44 or 0.6 percent at $71.02 a barrel on the New York Mercantile Exchange. Brent crude for February delivery lost $0.05 to settle at $76.10 a barrel on London's Intercontinental Exchange.