WASHINGTON (dpa-AFX) - Oil futures closed weak on Thursday, weighed down by a stronger dollar following the Federal Reserve signaling fewer interest rate cuts next year than previously expected.
Upbeat GDP data and a drop in jobless claims also provided support for the Fed's cautious approach to further rate cuts.
Concerns about the outlook for oil demand, especially from the worlds second largest economy, China, hurt oil prices. Trade was fears weighed as well.
The dollar climbed to a more than 2-year high today, amid bets higher tariffs in the Trump Administration could push up inflation and result in interest rates staying higher for longer.
West Texas Intermediate crude oil futures for January closed down $0.67 or about 0.95% at $69.91 a barrel.
Brent crude futures were down $0.71 or 0.97% at $72.68 a barrel a little while ago.
Data released by the Energy Information Administration that said oil inventories in the U.S. fell by nearly 1 million barrels last week, helped limit the downside in oil prices.
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