Crude oil futures ended sharply lower on Friday on account of profit booking after recent gains. Also, a small recovery in the dollar from lower levels, weighed a bit on oil prices. A stronger greenback reduces oil demand, making crude more expensive for investors holding other currencies. Besides, a report from Baker Hughes showed the total number of total active drilling rigs in the U.S. fell by 5 this week, after a 6-rig increase last week. The total rig count fell to 675 this week. The number of oil rigs declined by 3 this week to 537, while the number of gas rigs fell by 2, to 133.
Benchmark crude oil futures for August delivery fell $1.47 or about 1.9 percent to settle at $75.42 a barrel on the New York Mercantile Exchange. Brent crude for September delivery declined $1.49 or about 1.8 percent to settle at $79.87 a barrel on London's Intercontinental Exchange.