Crude oil futures gave up early gains and ended significantly lower on Friday as rising concerns about the crisis in the banking sector continued to fuel worries about economic growth and the outlook for energy demand. With fall in Friday’s session, oil prices booked their biggest weekly drop of 2023. Meanwhile, Russian Deputy Prime Minister Alexander Novak and Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, met Thursday. They likely discussed ways to stabilize oil prices, Lambrecht said, while the recovery of Chinese oil demand after the lifting of COVID restrictions remains an ‘important crutch.’
Benchmark crude oil futures for April delivery fell $1.61 or 2.4 percent to $66.74 a barrel on the New York Mercantile Exchange. Brent crude for May delivery declined $1.73 or 2.3 percent to $72.97 a barrel on London's Intercontinental Exchange.