FX.co ★ Oil Futures Settle Sharply Lower On Demand Concerns

Crude oil prices fell sharply on Friday amid concerns about the outlook for energy demand due to global economic slowdown, and the surge in Covid cases in China.

West Texas Intermediate Crude oil futures for January ended down by $1.82 or about 2.4% at $74.29 a barrel.

WTI crude futures gained about 4.4% in the week.

Brent crude futures settled at $79.04 a barrel, down $2.17 or about 2.7%.

Oil prices were also weighed down by news that U.S. Strategic Petroleum Reserve would loan out 2 million barrels to domestic energy companies to relieve any supply shortage caused by the Keystone pipeline's closure.