Oil futures ended sharply lower Friday, weighed down by rising trade tensions between the U.S. and China and data that showed an increase in the number of U.S. rigs drilling for crude. West Texas Intermediate oil for May delivery on the New York Mercantile Exchange CLK8, -2.50% dropped $1.48, or 2.3%, to settle at $62.06 a barrel. For the week, the U.S. benchmark declined around 4.6%. Oil prices were under pressure after U.S. President Donald Trump threatened to expand planned tariffs on Chinese imports, prompting Beijing to warn of further retaliation. Meanwhile, oilfield services firm Baker Hughes said the number of U.S oil rigs rose by 11 to 808 this week.
Read the full story: Oil sinks as China-U. S. trade battle escalates