Crude oil futures ended sharply lower on Friday with losses of around 3% amid concerns about the outlook for fuel demand, with investors weighing the prospects of a recession. The dollar's surge after data showed stronger than expected jobs growth in the month of December also weighed on oil prices. A report from Baker Hughes said the number of active U.S. rigs drilling for oil declined for the third successive week, falling by 10 to 599 this week. According to the report, the total active U.S. rig count, which includes those drilling for natural gas, fell by 12 to 759.
Benchmark crude oil futures for March delivery fell $2.49 or 3.3 percent at $73.39 a barrel on the New York Mercantile Exchange. Brent crude for April delivery dropped $2.23 or 2.7 percent at $79.94 (Provisional) a barrel on London's Intercontinental Exchange.