Crude oil futures settled lower on Friday amid concerns over slowing US economy weighed on crude oil prices. The US Federal Reserve hinted a slowdown in the US economy. Further, core inflation is not projected to reach the Fed's 2% target until 2028, signalling possible risk of stagflation in US economy.
Benchmark crude oil futures for October declined $0.85 or 1.34% at $62.72 a barrel on the New York Mercantile Exchange. Brent crude for November delivery decreased $0.76 or 1.13% to settle at $66.68 a barrel on London's Intercontinental Exchange.