Crude oil futures ended lower on Thursday weighed down by a stronger dollar. The US dollar strengthened against a basket of other currencies after the Federal Reserve signalled it might raise interest rates at a much faster pace than assumed. A firmer greenback makes oil priced in dollars more expensive in other currencies, potentially weighing on demand.
Crude oil futures for July fell $1.11 or 1.5 percent to settle at $71.04 barrel on the New York Mercantile Exchange. August Brent crude dropped $1.23 or 1.65 percent to settle at $73.16 a barrel on London's Intercontinental Exchange.