Crude oil futures ended lower for fourth straight day on Friday as traders feared a likely drop in energy demand and excess supply in the market. The possibility of the US relaxing sanctions on Iran too weighed on oil prices. In its latest monthly report, The Organization of the Petroleum Exporting Countries (OPEC) said global oil market will be in surplus next year. Oil demand will drop by about 60,000 barrels per day next year.
However, downside remain capped on reports that signs of cooling animosities between Beijing and Washington, representing the largest economies in the world and big consumers of crude, have been a focus for oil traders because that conflict has threatened to hurting the global economy and damage demand for crude.
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