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.