Crude oil futures end lower on uncertainty about outlook for oil demand

Crude oil futures ended lower on Friday on uncertainty about the outlook for oil demand. Profit taking after recent gains and indications that oil supply from Russia will see a surge weighed on oil prices. Meanwhile, OPEC and allies are scheduled to meet next week to review crude production levels. The Federal Reserve's monetary policy meeting, scheduled to take place on January 31 and February 1 is eyed as well. However, oil prices rose earlier in the session, riding on hopes about Chinese economic growth, and data showing a stronger than expected increase in U.S. GDP.

Benchmark crude oil futures for March delivery fell $1.33 or 1.6 percent at $79.68 a barrel on the New York Mercantile Exchange. Brent crude for March delivery dropped $1.09 or 1.25 percent at $86.38 (Provisional) a barrel on London's Intercontinental Exchange.