WASHINGTON (dpa-AFX) - Crude oil futures settled lower on Thursday as concerns about supply eased a bit following a partial restart of the Keystone Pipeline.
The dollar's rise on hawkish comments by the Federal Reserve weighed as well on oil prices.
The economic projections provided along with the announcement suggest the Fed expects rates to ultimately be raised higher than forecast back in September.
In his post-meeting press conference on Wednesday, Fed Chair Jerome Powell said it will require 'substantially more evidence' inflation is on a sustained downward trend, likely attracting even more attention to the inflation data due ahead of the next meeting.
The European Central Bank, the Bank of England and the Swiss National Bank also raised interest rates, and signaled further tightening to rein in inflation.
West Texas Intermediate Crude oil futures for January ended lower by $1.17 or about 1.5% at $76.11 a barrel.
Brent crude futures settled at $81.21 a barrel today, losing $1.17 or about 1.5%.
Data from the U.S. Energy Information Administration revealed an unexpected 10-million- barrel accumulation in inventories. Markets were expecting a 3.6-million-barrel draw from inventories as compared to a 5.2-million-barrel draw in the previous week.
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