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Oil Snaps 3-day Winning Streak

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Crude oil futures pared early gains and drifted lower on Friday, snapping a three-day winning streak, as worries about outlook for energy demand weighed on prices.

Oil prices surged earlier in the session as worries about supply outweighed concerns over outlook for oil demand.

The sanctions on Russia is expected to reduce the supplies of crude from Russia far more than the reduction in demand from China, where several places are under coronvirus curbs.

West Texas Intermediate Crude oil futures for June ended lower by $0.67 or about 0.6% at $104.69 a barrel. WTI crude futures gained about 3.3% in the week.

Brent crude futures were down $0.72 or 0.67% at $106.60 a barrel.

A report released by Baker Hughes this afternoon showed Oil rigs count in the U.S. rose by 3 to 552 in the week. Natural gas rigs count remains unchanged at 144, while total rigs count in the country rose by 3 to 698.

Markets are looking ahead to the results of the OPEC+ meeting next week to assess the planned increase in output in June, by the group of nations.

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