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22-Dec2018

Crude oil futures end lower on Friday

Crude oil futures ended lower on Friday, down more than 11% for the week, as a rise in active US oil rigs exacerbated concerns tied to growing global crude production and a slowdown in energy demand. Meanwhile, the number of active US rigs drilling for oil, a key metric of activity in the sector that offers a hint on future output, rose by 10 to 883 this week. That was the biggest weekly rise since the week ended November 9 and it followed two straight weeks of declines. A slowdown in global growth could lead to weaker energy demand and that, along with continued growth in US crude production, feeds worries about a worldwide glut of supplies.

Benchmark crude oil futures for February declined 29 cents or 0.6 percent to settle $45.59 a barrel on the New York Mercantile Exchange. February Brent crude lost 53 cents or 1 percent to settle at $53.82 a barrel on London's Intercontinental Exchange.


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