Crude oil futures ended lower on Friday with traders taking some profits following recent gains. Concerns over the delay in the US and China closing in on an interim trade deal, and worries about energy demand outlook due to global economic slowdown weighed on oil prices.
However, Baker Hughes reported a fifth consecutive weekly decline in the US oil-rig count. The number of active US rigs drilling for oil fell by 3 to 671 this week. The front-month US benchmark West Texas Intermediate (WTI) contract ended 0.1% lower for the week, while Brent, the global benchmark, saw weekly gain of roughly 0.1% weekly gain.
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