Crude oil futures decline on ECB’s rate cut decision

Crude oil futures ended at multi-week lows on Thursday, after the European Central Bank (ECB) announced its move to cut interest rates and lower rates on bank deposits parked overnight with the central bank to negative. The ECB cut its benchmark interest rate to a record-low 0.15% from the 0.25% rate held since November. Prices were also weighed down by the strength in greenback against a basket of six other major currencies, as a stronger US dollar usually weighs on oil as it makes dollar-priced commodities more expensive for holders of other currencies. Benchmark crude oil futures for July delivery declined by $0.16 or 0.2 percent to close at $102.48 a barrel after trading in a range of $102.69 and $101.60 a barrel on the New York Mercantile Exchange. In London, Brent oil for July delivery declined by 0.49 percent or 54 cents to $107.87 a barrel on the ICE.