Crude oil futures ended lower on Friday weighed down by concerns the Federal Reserve may keep interest rates higher for a longer period. A slightly stronger dollar weighed on oil prices. The greenback moved higher against its major counterparts in the New York session, as investors awaited the release of U.S. inflation data for April next week, which will guide the outlook for Fed rate cuts.
Benchmark crude oil futures for June delivery fell $1.06 or about 1.34% to settle at $78.20 a barrel on the New York Mercantile Exchange. Brent crude for July delivery dropped $1.09 or 1.30% to $82.79 per barrel on London's Intercontinental Exchange.