In New York, oil prices dropped by almost $1 per barrel on Friday due to comments from US central bank officials suggesting that interest rates may remain high for an extended period.

This could potentially reduce demand from the largest consumers of crude oil in the world.

At the end of trading, Brent crude futures were at $82.79 per barrel, a decrease of $1.09 or 1.3%. US West Texas Intermediate (WTI) crude settled at $78.26 per barrel, down $1.00 or 1.3%.

Over the week, Brent experienced a slight 0.2% decline, while WTI saw a modest 0.2% increase.

Dallas Federal Reserve President Lorie Logan expressed uncertainty on Friday about whether the current monetary policy is strong enough to lower inflation to the US central bank’s target of 2%.

Typically, higher interest rates lead to a slowdown in economic activity and a decrease in oil demand.