Magnifying their losses for fourth straight session, crude oil futures ended significantly lower on Friday as a round of tough talk on inflation from central bankers stoked renewed concerns about an economic slowdown. Traders expressed concerns about the impact the Fed raising rates higher than currently anticipated will have on energy demand. Worries about supply also weighed on oil prices following recent U.S. inventory data and a report from the Vedomosti newspaper suggesting Russian oil producers expect to maintain current volumes of crude oil exports.
Benchmark crude oil futures for March delivery fell $2.15 or 2.7 percent to $76.34 a barrel on the New York Mercantile Exchange. Brent crude for April delivery lost $2.14 or 2.5 percent at $83 a barrel on London's Intercontinental Exchange.