Crude oil futures ended 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. Meanwhile, 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.
Benchmark crude oil futures for January delivery fell $1.17 or 1.5 percent at $76.11 a barrel on the New York Mercantile Exchange. Brent crude for February delivery dropped $1.17 or 1.5 percent to settle at $81.21 (Provisional) a barrel on London's Intercontinental Exchange.