Crude oil futures ended lower on Friday as the dollar rose sharply with the Federal Reserve set to hold interest rates higher for now. Possibility of a ceasefire in Gaza weighed on oil prices, but the attacks by Ukraine on Russian oil refineries, and likely extension of production cut by OPEC+ limited the downside in oil prices. After a series of drone attacks by Ukraine on Russian oil facilities, Russia launched the largest missile and drone attack on Ukrainian energy infrastructure, causing blackouts in several regions.
Benchmark crude oil futures for April delivery dropped $0.25 or about 0.30% to settle at $80.82 a barrel on the New York Mercantile Exchange. Brent crude for May delivery fell by $0.35 or about 0.40% to $85.43 per barrel on London's Intercontinental Exchange.