Skip to main content

MoneyWorks4Me

Crude oil futures end deeply in red on Friday

24 Feb 2024 Evaluate

Crude oil futures ended deeply in red on Friday as concerns about the outlook for demand and the recent data showing a jump in U.S. crude inventories weighed on prices. Data showing a contraction in the German economy and persisting worries about an economic slowdown in China raised concerns about oil demand. Besides, uncertainty about Federal Reserve's interest-rate outlook also contributed to the drop in oil prices.

Benchmark crude oil futures for April delivery fell $2.12 or 2.65% to settle at $76.49 a barrel on the New York Mercantile Exchange. Brent crude for April delivery dropped $2.05 or 2.45% to $81.62 per barrel on London's Intercontinental Exchange.