COMMODITY
Crude oil futures end lower on Friday amid energy demand concerns
Jan-16-2021

Crude oil futures ended lower on Friday pressured as fresh outbreaks of COVID-19 in China dulled the outlook for energy demand. China has put about 22 million people on lockdown due to new outbreaks of Covid-19 in the north and northeastern parts of the country. Meanwhile, a report from Baker Hughes said the number of active US rigs drilling for oil rose by 12 to 287 this week, rising for an eighth successive weak. The total US rigs count went up by 13 to 373. Concerns over rising Sino-US tensions also weighed on the commodity after the US government blacklisted Chinese smartphone maker Xiaomi Corp and ten other companies over alleged military links.

Crude oil futures for February declined $1.21 or 23 percent to settle at $52.36 a barrel on the New York Mercantile Exchange. March Brent crude lost $1.32 or 2.3 percent to settle at $55.10 a barrel on London's Intercontinental Exchange.

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