Crude oil futures ended significantly lower on Friday amid concerns about the outlook for demand from China and recent data showing an increase in U.S. crude inventories. Data showed that China's industrial output expanded at a slower-than-anticipated 5.3% in October. The dollar's rise this week also weighed on oil prices. With Federal Reserve Chair Jerome Powell's remarks pouring cold water on rate cut optimism, the dollar has moved up quite sharply this week.
Benchmark crude oil futures for December delivery fell $1.68 or about 2.45 percent to settle at $67.02 a barrel on the New York Mercantile Exchange. Brent crude for January delivery declined $1.52 or about 2.1 percent to settle at $71.04 a barrel on London's Intercontinental Exchange.