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Crude oil futures settle lower on concern over tightening global supplies

Crude oil futures snapped four-day winning streak and ended slightly lower on Friday amid growing signs of tightening global supplies. Besides, renewed optimism about US-China trade talks and a report from the International Energy Agency (IEA) that said output from the Organization of the Petroleum Exporting Countries (OPEC) had dropped to its lowest level in four years capped the losses in crude oil prices. Meanwhile, the meeting of the OPEC and non-OPEC Joint Ministerial Monitoring Committee, scheduled for March 18.

Benchmark crude oil futures for April lost 9 cents or 0.2 percent to settle at $58.52 a barrel on the New York Mercantile Exchange. May Brent crude fell 7 cents or 0.1 percent to settle at $67.16 a barrel on London's Intercontinental Exchange.

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