Crude oil futures ended lower on Thursday as the dollar advanced on rate hike bets. Fears about the Fed continuing with its interest rate hikes, and a surge in Covid-19 cases in China raised concerns about the outlook for energy demand, outweighing recent data showing a drop in crude inventories. However, prices rose earlier in the session on inventory data, and news that a powerful winter storm will bring dangerous cold, heavy snow and flash freezing across the central and eastern U.S. through the rest of the week.
Benchmark crude oil futures for February delivery fell $0.82 or 1.02 percent at $77.49 a barrel on the New York Mercantile Exchange. Brent crude for February dropped $0.79 or 0.96 percent to settle at $81.41 (Provisional) a barrel on London's Intercontinental Exchange.