2019.11.2219:34:00UTC+00Crude Oil Futures Settle Notably Lower

Crude oil prices drifted lower on Friday, with traders taking some profits following recent gains.

Despite recent reports suggesting OPEC and allies might consider extending output cuts until the middle of next year and also discuss increasing the quantum of reduction, traders appeared somewhat keen on trimming down positions, looking for clear signals.

Concerns over the delay in the U.S. and China closing in on an interim trade deal, and worries about energy demand outlook due to global economic slowdown weighed on oil prices.

West Texas Intermediate Crude oil futures for January ended down $0.81, or about 1.4%, at $57.77 a barrel.

On Thursday, WTI Crude oil futures for January ended up $1.57, or 2.8%, at $58.58 a barrel, the highest settlement in about two months for a front-month contract.

Brent Crude oil futures ended down $0.40 at $63.57 a barrel.

According to a report released by Baker Hughes Friday afternoon, drillers cut three oil rigs in the week to November 22, bringing the total count down to 671, the lowest since April 2017.

The oil rig count has now declined for a record 11 months in a row with independent exploration and production companies cutting spending on new drilling.

In its latest report, the Organization for Economic Cooperation and Development (OECD) trimmed its outlook for the global economy, saying the world was headed for its weakest economic growth since the 2007-2008 financial crisis.