Crude oil prices were slipping on Thursday in the aftermath of remarks by the top official with the central bank of Europe noting economic challenges will be difficult to take on when considering the value of the 17-bloc monetary unit, according to Bloomberg.
President Mario Draghi with the European Central Bank said a stronger shared currency of the European Union will do its part to temper the economic recovery. The region is believed to be in the throes of the three-plus years of the sovereign debt crisis’ damaging tendencies.
“Slower growth in Europe means slower exports and weak oil demand,” senior market strategist Bill Baruch with iiTrader.com in Chicago told the news source on Thursday. “The euro is getting hammered and oil is following suit.”
At 2:42 p.m. on Thursday, WTI crude oil futures fell 0.82 percent, a 79-cent slip to $95.82 per barrel. Brent crude oil futures rose 0.41 percent, a 48-cent lift to $117.21 per barrel.
The Wall Street Journal reports oil-rich Iran vigorously rejected the U.S. offer for negotiations regarding the impasse over the country’s suspect nuclear program, which has drawn sanctions from the U.S. and Europe.
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