Oil Futures Fail To Hold Early Gains, Settle Lower On Demand Worries
Crude oil futures settled lower on Friday as worries about outlook for energy demand due to rising coronavirus cases and delay in vaccine supplies weighed on prices.
Oil prices were also weighed down by uncertainty about additional stimulus from Joe Biden administration happening anytime soon.
However, stronger than expected GDP data from Germany and France limited oil’s downside.
West Texas Intermediate Crude oil futures for March ended down $0.14 or about 0.3% at $52.20 a barrel.
Brent crude futures were down $0.16 or about 0.29% at $54.94 a barrel a little while ago.
Crude oil futures gained about 7% in January 2020.
According to Baker Hughes, the number of active U.S. rigs drilling for oil rose by six to 295 this week, rising for the ninth straight week. The total active U.S. rig count rose to 384, adding six this week.