Crude oil futures ended lower on Friday amid concerns the Federal Reserve will likely hold interest rates higher for longer as data showed a much stronger than expected increase in U.S. non-farm payroll employment in the month of May. Concerns about possible excess supply in the market also weighed on oil prices. After the Bank of Canada and the European Central Bank cut interest rates earlier this week, investors widely expected a similar move by the Federal Reserve sometime soon. However, the data from the Labor Department has dashed the expectations. The decision by OPEC+ to phase out voluntary production cuts over the course of 12 months starting in October also weighed on oil prices.
Benchmark crude oil futures for July delivery fell $0.02 to settle at $75.53 a barrel on the New York Mercantile Exchange. Brent crude for August delivery was down $0.15 or about 0.19% to $79.47 per barrel on London's Intercontinental Exchange.