Crude oil futures declined on Thursday, as market players awaited the
conclusion of the European Central Bank's highly-anticipated monthly
policy meeting later in the day.
On the New York Mercantile Exchange, crude oil for delivery in March dropped 53 cents, or 1.11%, to trade at $47.25 a barrel during European morning hours.
A day earlier, New York-traded oil futures jumped $1.31, or 2.82%, to settle at $47.78 a barrel. WTI prices touched $44.20 on January 13, a level not seen since March 2009.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for March delivery shed 29 cents, or 0.6%, to trade at $48.74 a barrel.
On Wednesday, London-traded Brent prices rallied $1.04, or 2.17%, to close at $49.03 a barrel. Brent hit $45.19 on January 13, the weakest level since April 2009.
Wednesday\'s gains came after OPEC Secretary-General Abdalla El-Badri said that prices will rebound rather than extend declines to as low as $20 a barrel.
Oil prices have fallen nearly 60% since June as the Organization of Petroleum Exporting Countries resisted calls to cut output, while the U.S. pumped at the fastest pace in more than three decades, creating a glut in global supplies.
Read more Click here / www.trade4x.net
On the New York Mercantile Exchange, crude oil for delivery in March dropped 53 cents, or 1.11%, to trade at $47.25 a barrel during European morning hours.
A day earlier, New York-traded oil futures jumped $1.31, or 2.82%, to settle at $47.78 a barrel. WTI prices touched $44.20 on January 13, a level not seen since March 2009.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for March delivery shed 29 cents, or 0.6%, to trade at $48.74 a barrel.
On Wednesday, London-traded Brent prices rallied $1.04, or 2.17%, to close at $49.03 a barrel. Brent hit $45.19 on January 13, the weakest level since April 2009.
Wednesday\'s gains came after OPEC Secretary-General Abdalla El-Badri said that prices will rebound rather than extend declines to as low as $20 a barrel.
Oil prices have fallen nearly 60% since June as the Organization of Petroleum Exporting Countries resisted calls to cut output, while the U.S. pumped at the fastest pace in more than three decades, creating a glut in global supplies.
Read more Click here / www.trade4x.net
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