Oil fell as expectations for fewer interest-rate cuts by the Federal Reserve next year boosted the dollar.
February West Texas Intermediate fell toward $69 a barrel, while Brent crude settled above $73.
Fed officials lowered borrowing costs as expected on Wednesday but kept the amount of cuts they expect to make in 2025 in check. The dollar strengthened to its strongest level in more than two years, making commodities more expensive for most buyers.
Crude rose on Wednesday after U.S. national inventories fell for a fourth straight week. Futures headed for their narrowest annual price range since 2019, marking an abrupt end to years of bumper swings following the global pandemic and wars in Ukraine and the Middle East.
Source: Bloomberg
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