Commodities
U.S. oil slips on ECB comments
Last Updated:2013-02-08 04:32 | Xinhua
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U.S. crude price slipped on Thursday as the euro declined against the dollar after the comments of the European Central Bank, while the Brent inched up to an eight-month high on Iran nuclear worries.

The euro tumbled against the dollar on Thursday after ECB President Mario Draghi voiced concerns about the impact of the currency's exchange rate on the economy, opening the door for a possible rate cut should the euro extend its recent climb. A stronger dollar posed pressure on crude prices.

U.S. crude got more pressure as there was a report saying that a refinery in the U.S. Midwest would be closed for maintenance longer than expected, raising expectations the stocks of crude oil at Cushing, Oklahoma, the delivery point for U.S. futures would rise.

On the economic front, in the week ended Feb. 2, the initial jobless claims fell 5,000 to a seasonally adjusted 366,000 compared to the prior week's revised up figure of 371,000. The four week moving average of the claims, a less volatile measure, decreased 2,250 to 350,500 from the prior figure, the Labor Department said.

But the Brent crude continued to rise on Thursday as the international benchmark found supports after Iran rejected U.S. offer to hold direct talks, dampening hopes for a progress in talks about Teheran's disputed nuclear program.

Light, sweet crude for March delivery lost 79 cents, or 0.82 percent, to settle at 95.83 dollars a barrel on the New York Mercantile Exchange. But Brent crude for March delivery edged up 51 cents, or 0.44 percent, to close at 117.24 dollars a barrel, with its premium to U.S. crude expanded to 21.41 dollars.

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