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Crude oil futures end sharply lower amid concerns about outlook for global oil demand
May-04-2024

Crude oil futures ended sharply lower with losses of around a percent on Friday on weak U.S. jobs data, and concerns about the outlook for global oil demand. Data from the Labor Department showed non-farm payroll employment climbed by 175,000 jobs in April after surging by an upwardly revised 315,000 jobs in March. Data showing a contraction in U.S. service sector activity hurt as well. The report from the Institute for Supply Management showed U.S. service sector activity unexpectedly contracted in the month of April, with ISM's Services PMI dipping to 49.4 in the month from 51.4 in March. Meanwhile, a report from Baker Hughes said the number of oil and natural gas rigs count fell to lowest since January 2022, falling by eight to 605 in the week to May 3. The oil rig count fell by seven to 499 in the week.

Benchmark crude oil futures for June delivery slipped $0.84 or about 1.06% to settle at $78.11 a barrel on the New York Mercantile Exchange. Brent crude for July delivery fell $0.71 or 0.85% to $82.96 per barrel on London's Intercontinental Exchange. 

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