Crude oil futures end lower as dollar climbs

Crude oil futures ended lower on Thursday as the dollar climbed after the Fed signaled that it would start raising interest rates in March. The dollar index jumped to 97.29, the highest level since November 22, 2021, reacting to the central bank's indication that the first rate hike since 2018 will happen soon. The central bank also said asset purchases will likely halt in March and the process of balance sheet reduction will commence after it begins raising rates.

Benchmark crude oil futures for March delivery fell $0.74 or 0.9 percent to settle at $86.61 a barrel on the New York Mercantile Exchange. Brent crude for March delivery dropped $0.76 or 0.85 percent to settle at $87.98 a barrel on London's Intercontinental Exchange.