Published: 2/23/2024 3:17 PM ET |
Despite tensions in the Red Sea due to attacks by Houthi militants near Yemen, crude oil futures settled sharply lower on Friday as concerns about the outlook for demand and the recent data showing a jump in U.S. crude inventories weighed on prices.
Data showing a contraction in the German economy and persisting worries about an economic slowdown in China raised concerns about oil demand.
Uncertainty about Federal Reserve’s interest-rate outlook also contributed to the drop in oil prices.
West Texas Intermediate Crude oil futures for April ended down $2.12 or about 2.65% at $76.49 a barrel.
Brent crude futures were down $1.91 or 2.28% at $81.76 a barrel a little while ago.
According to Baker Hughes, the oil rig count in the U.S. rose by six to 503 this week.
Meanwhile, ceasefire talks are underway in Paris, aiming to halt the conflict in Palestine and get Israeli and foreign hostages released.
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