WASHINGTON (dpa-AFX) - Crude oil prices drifted lower on Friday, weighed down by concerns about outlook for energy demand amid rising possibility of a global recession.
A downward revision in the International Energy Agency's oil demand forecast, and recent data from the U.S. Energy Information Administration that showed crude inventories grew by 9.9 million barrels last week hurt oil prices.
A stronger dollar weighed as well on oil prices. The dollar surged higher amid bets the Federal Reserve will aggressively tighten its monetary policy to bring down inflation. The dollar index gained nearly 1% at 113.42 before easing slightly to 113.35.
West Texas Intermediate Crude oil futures for November ended lower by $3.50 or about 3.9% at $85.61 a barrel.
WTI crude futures shed nearly 8% in the week.
Brent crude futures settled at $91.63 a barrel today, losing $2.94 or about 3.1%.
The IEA on Thursday cut its oil demand forecast for this year and next and warned that OPEC and its allies' plan last week to cut output could tip the global economy into recession.
A report from Baker Hughes today said the number of oil rigs increased by 8 to 610 this week.
The number of US gas rigs fell by 1 to 157 in the week, bringing the total number of rigs in the country to 769. Compared to the same period a year earlier, the number of oil rigs was up by 165.
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