Retreading from multi-month highs, crude oil futures ended lower on Friday due largely to profit taking after recent strong gains amid a forecast from the International Energy Agency that inventories will drop this year. The IEA had said earlier this week that inventories will see a fall this year due to the decision of the Organization of the Petroleum Exporting Countries and allies, collectively known as OPEC+, to extend production cuts into the second quarter. Concerns about supply disruptions due the tensions in the Middle East, and the drone attacks by Ukraine on Russian oil refineries, also contributed to the rise in oil prices in recent sessions.
Benchmark crude oil futures for April delivery rose $0.22 or about 0.27% to settle at $81.04 a barrel on the New York Mercantile Exchange. Brent crude for May delivery surged by $0.19 or about 0.26% to $85.20 per barrel on London's Intercontinental Exchange.