Crude oil futures ended lower with cut of over one percent on Friday on account of uncertainty about the outlook for demand from China as data showed a drop in the country's oil imports in the first two months of the year, compared to December 2023. Customs data showed Chinese imports of crude oil rose 5.1% in the first two months of 2024 from a year earlier. However, imports were down 5.7% compared to December 2023, the data showed.
Benchmark crude oil futures for April delivery fell $0.92 or about 1.2% to settle at $78.01 a barrel on the New York Mercantile Exchange. Brent crude for May delivery was down by $0.88 or about 1.1% to $82.08 per barrel on London's Intercontinental Exchange.