COMMODITY
Crude oil futures end lower amid ease in supply worries
Feb-15-2025

Crude oil futures ended lower on Friday on ease in supply worries amid hopes of a peace deal between Russia and Ukraine and possibility of removal of sanctions on Russia. There are expectations that a potential peace deal between Ukraine and Russia would usher in the end of sanctions affecting supply flows. A report from Baker Hughes said the oil and gas rig count in the U.S. rose by 2 to 588 this week. Despite this week's rig increase, the total count was still down 33 rigs, or 5% below this time last year. Baker Hughes said oil rigs rose by one to 481 this week, while gas rigs gained one to 101.

Benchmark crude oil futures for March fell $0.55 or 0.77 percent to settle at $70.74 a barrel on the New York Mercantile Exchange. Brent crude for April delivery declined $0.32 or 0.43 percent to settle at $74.70 a barrel on London's Intercontinental Exchange.


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