Despite recovering from early lows and spending some time in positive territory, crude oil futures settled sharply lower on Friday as prices fell post noon on concerns about outlook for energy demand.
In addition to concerns about energy demand, easing concerns about supply following resumption of oil exports from Libya, and the Russian supply of natural gas to Europe through the Nord Stream pipeline weighed on oil prices.
West Texas Intermediate Crude oil futures for September ended lower by $1.65 or about 1.7% at $94.70 a barrel.
Brent Crude futures were down $0.65 or 0.64% at $103.21 a barrel a little while ago.
A report from Energy Information Administration shows gasoline demand has dropped almost 8% from the previous year.
According to the report from Baker Hughes, the oil and gas rig count in the U.S. rose by two to 758 in the week, the highest level since March 2020.
The Baker Hughes has warned that the demand outlook for the next 12 to 18 months was "deteriorating."
