Magnifying their losses for second consecutive session, crude oil futures ended lower on Friday amid rising concerns about the outlook for oil demand due to slowing growth and fears the U.S. economy could fall into a recession. Signs of weakening demand from China and India, and OPEC and allies' intention to increase production from next quarter weighed on oil prices. Recent data showing weaker manufacturing activity in the U.S., Europe and China continued to weigh on oil prices. Meanwhile, a report from Baker Hughes said the number of rigs drilling for oil in the U.S. is unchanged this week at 482, and down by 43 from a year ago.
Benchmark U.S. crude oil futures for September delivery fell $2.79 or about 3.66% to $73.52 per barrel on the New York Mercantile Exchange. Brent crude for October delivery dropped $2.81 or about 2.81% to $76.81 per barrel on London's Intercontinental Exchange.