Crude oil futures ended sharply lower on Friday on concerns about the outlook for demand ahead of several key central bank meetings next week. The Federal Reserve's monetary policy meeting is likely to be in the spotlight, with the U.S. central bank expected to pause its recent interest rate increases. Besides, disappointing Chinese data added to doubts about demand growth. China’s factory gate prices fell at the fastest pace in seven years in May and quicker than forecasts, as faltering demand weighed on a slowing manufacturing sector and cast a cloud over the fragile economic recovery.
Benchmark crude oil futures for July delivery fell $1.12 or about 1.6 percent to settle at $70.17 a barrel on the New York Mercantile Exchange. Brent crude for August delivery dropped $1.17 or 1.56 percent to settle at $74.79 a barrel on London's Intercontinental Exchange.