COMMODITY
Crude oil futures end lower on Friday
Apr-17-2021

Snapping four session winning streak, crude oil futures ended lower on Friday. Support from a strong economic report from China helped to offset pressure from concerns that rising cases of COVID in parts of the world threaten a fitful recovery from the demand-sapping pandemic. The energy markets have so far been buttressed by monthly reports that point to a healthy recovery from the pandemic, as well as tensions between the US and Iran and Russia, which could have some impact on crude markets. Meanwhile, a report from Baker Hughes said US energy firms added oil and natural gas rigs for a fifth week in a row for the first time since February. The US drilling rig count rose by seven to 439 this week. Oil rigs increased by seven to 344 and natural gas rigs rose by one to 94.

Crude oil futures for May declined 33 cents or 0.5 percent to settle at $63.13 barrel on the New York Mercantile Exchange. June Brent crude fell 17 cents or 0.30 percent to settle at $66.77 a barrel on London's Intercontinental Exchange.

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