Crude oil futures ended lower on Friday as a dollar rebounded and sent oil prices down. The currency gained after New York Fed President Williams pushed back against market bets of multiple rate cuts by the central bank next year. An upward revision in oil demand forecast by the International Energy Agency (IEA), and a weak dollar pushed up crude oil prices over the past few sessions. The IEA lifted its oil demand forecast for 2024, citing an improvement in the outlook for U.S. demand and lower oil prices. Meanwhile, a report from Baker Hughes showed the oil and gas rig count fell by 3 to 623 in the week to December 15.
Benchmark crude oil futures for January delivery fell $0.15 or 0.21 percent to settle at $71.43 a barrel on the New York Mercantile Exchange. However, Brent crude for February delivery was up by $0.01 to settle at $76.62 a barrel on London's Intercontinental Exchange.