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Crude oil futures end lower on Friday

25 Mar 2023 Evaluate

Crude oil futures ended lower on Friday on concerns rising interest rates might hurt growth and result in a drop in energy demand.  Several central banks, including the Federal Reserve and the Bank of England, have raised their interest rates, and indicated more increases in the coming months to fight inflation. Meanwhile, worries about the turmoil in the banking sector linger despite steps taken by governments and central banks. Further, a stronger dollar weighed as well on oil prices.

Benchmark crude oil futures for April delivery fell $0.70 or about 1 percent to settle at $69.26 a barrel on the New York Mercantile Exchange. Brent crude for May delivery dropped $0. 95 or about 1.3 percent to settle at $74.96 a barrel on London's Intercontinental Exchange.

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