Crude oil futures ended lower on Thursday continuing to be weighed down by data showing an increase in U.S. crude inventories last week. The dollar's recovery and uncertainty about the outlook for energy demand due to concerns about a global recession hurt as well. Meanwhile, the Bank of England raised interest rates by half a percentage point.
Benchmark crude oil futures for March delivery fell $0.53 or 0.7 percent at $75.88 a barrel on the New York Mercantile Exchange. Brent crude for April delivery dropped $0.72 or 0.88 percent at $82.12 (Provisional) a barrel on London's Intercontinental Exchange.