WASHINGTON (dpa-AFX) - Crude oil futures settled slightly lower on Friday, and posted their first weekly loss in seven weeks, as uncertainty about energy demand amid worries about global growth outlook weighed on the commodity.
Oil prices moved in a largely narrow range for much of the trading session.
West Texas Intermediate Crude oil futures ended down $0.08 or about 0.2% at $36.26 a barrel.
WTI Crude oil futures lost over 8% in the week, snapping a six-week winning streak.
Brent Crude futures ended lower by $0.18 at $38.73 a barrel today.
With several states in the U.S. reporting a surge in new coronavirus infections post reopening of businesses, concerns about energy demand have resurfaced.
A weak outlook for the U.S. economy from the Federal Reserve, and the recent gloomy forecasts for global economy from the World Bank and OECD contributed significantly to oil's decline this week.
Data showing U.S. crude inventories to have increased to a record 538.1 million barrels weighed as well.
Meanwhile, a report from Baker Hughes said the number of rigs drilling for oil in the U.S. dropped down to 199 this week, falling by 7 from a week earlier. The total active U.S. rig count has dropped by 5 to 279, according to the report.
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