Crude Oil Ends Below $97 A Barrel

25/01/2014 09:42 AST

U.S. crude oil ended lower on Friday, as investors mulled over the Energy Information Administration's weekly report that showed a better than expected rise in crude and gasoline stockpiles in the U.S. The dollar also strengthened against a basket of major currencies, making oil more expensive for buyers holding foreign currencies.

Investors were also concerned over the sluggishness seen in the Chinese economy, the second largest energy consumer in the world, after a key indicator of China's factory sector performance dropped sharply in January, indicating a contraction in business activity. China's headline purchasing managers' index dropped to a six-month low of 49.6 in January from 50.5 in December. A reading above 50 indicates expansion of the sector, while a reading below 50 suggests contraction.

Light Sweet Crude Oil futures for March delivery, the most actively traded contract, shed $0.68 or 0.7 percent to close at $96.64 a barrel on the New York Mercantile Exchange Friday.

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