The West Texas Intermediate for July delivery lost 1.11 U.S. dollars to settle at 71.04 dollars a barrel on the New York Mercantile Exchange. Brent crude for August delivery decreased 1.31 dollars to close at 73.08 dollars a barrel on the London ICE Futures Exchange.
Oil prices came under pressure as U.S. dollar jumped after hawkish signals from the Federal Reserve.
The dollar index, which measures the greenback against six major peers, surged 0.79 percent to 91.8715 in late trading on Thursday, following a 0.68-percent rise in the prior session. Historically, the price of oil is inversely related to the price of the U.S. dollar.
Meanwhile, a larger-than-expected drop in U.S. crude stockpiles provided some support to the oil prices.
U.S. crude oil inventories decreased by 7.4 million barrels during the week ending June 11, the U.S. Energy Information Administration (EIA) said in a report on Wednesday. Analysts polled by S&P Global Platts had expected the EIA publications to show a decline of 4.2 million barrels in U.S. crude supplies.
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