Crude oil futures ended lower on Thursday on stronger dollar. Oil prices also fell on reports confirming U.S. has drafted a U.N. resolution calling for a ceasefire and hostage deal in Gaza. The U.S. secretary of state, Antony Blinken, presented the resolution as calling for an immediate ceasefire tied to the release of hostages. However, recent data showing a drop in crude inventories and gasoline stockpiles last week supported oil prices and limited the commodity's downside.
Benchmark crude oil futures for April delivery dropped $0.61 or about 0.74% to settle at $81.07 a barrel on the New York Mercantile Exchange. Brent crude for May delivery fell by $0.17 or about 0.19% to $85.78 per barrel on London's Intercontinental Exchange.