Crude oil futures ended in green on Thursday amid fears that the US Federal Reserve will hike rates more aggressively than expected to fight inflation. After US inflation data came in at its hottest in 40 years, St. Louis Federal Reserve Bank President James Bullard said he wants a full percentage point of interest rate hikes by July 1. However, concerns over a probable return of Iranian oil supplies to the global markets limited oil's uptick. As Iran nuclear deal talks enter the final stretch, investors fear that additional Iranian supplies alongside rising US shale oil production would swing the balances into a sizeable surplus. Meanwhile, the dollar gave up some of its earlier losses. A stronger greenback makes oil and other commodities more expensive for those holding other currencies.
Benchmark crude oil futures for March delivery gained $0.22 or about 0.25 percent to settle at $89.88 a barrel on the New York Mercantile Exchange. However, Brent crude for April delivery fell $0.14 or 0.15 percent to settle at $91.41 a barrel on London's Intercontinental Exchange.