Oil prices fell by nearly $1/bbl on Friday as central bank officials indicated higher for longer interest rates, which strengthened the dollar and could hinder demand. v Dallas Federal Reserve President Lorie Logan on Friday said it was unclear whether monetary policy was tight enough to bring down inflation to the U.S. central bank’s 2% goal. Atlanta Fed President Raphael Bostic also told Reuters he thought inflation was likely to slow under current monetary policy, enabling the central bank to begin reducing its policy rate in 2024 – though perhaps by only a quarter of a percentage point and not until the final months of the year. “The two Fed speakers certainly seemed to put the kibosh on the prospect of rate cuts,” said John Kilduff, a partner at Again Capital. Oil drew little support from the U.S. oil rig count, which is an indicator of future supply, despite energy services firm Baker Hughes data showing the number of oil rigs fell by three to 496 this week, their lowest since November. WTI traded down $1.00 or -1.3% to close at $78.26. Brent traded down $1.09 or -1.3% to close at $82.79.