WASHINGTON (dpa-AFX) - Crude oil prices fell sharply to a two-month low on Friday, sliding for a second successive session, amid rising concerns about the outlook for oil demand due to slowing growth and fears the U.S. economy could fall into a recession.
Signs of weakening demand from China and India, and OPEC and allies' intention to increase production from next quarter weighed on oil prices.
West Texas Intermediate Crude oil futures for September ended down $2.79 or about 3.66% at $73.52 a barrel.
Brent crude futures settled at $76.81 a barrel, down $2.81 or about 3.4%.
Recent data showing weaker manufacturing activity in the U.S., Europe and China continued to weigh on oil prices.
At their meeting on Thursday, OPEC and allies, collectively known as OPEC+, kept the group's oil output policy unchanged, including a plan to start unwinding one layer of production cuts from October.
A report from Baker Hughes said the number of rigs drilling for oil in the U.S. is unchanged this week at 482, and down by 43 from a year ago.
The natural gas rig count fell this week by 3 to 98, or 30 fewer than a year ago.
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