Brent crude oil futures dipped, on Thursday, after the European Central Bank left interest rates unchanged, disappointing traders after the UK Central bank's vote for a second round of money creation had raised hopes of further support. Brent crude futures for November lost 29 cents, at 102.44 dollars a barrel, compared with a gain of 3 percent, yesterday.U.S. crude, which jumped more than 5 percent, yesterday, rose 34 cents, at 80.02 dollars a barrel, helped by bullish crude inventories data. Brent sold off as the market struggled to digest the ECB's decision, which came hard on the heels of a supportive move by the Bank of England.The UK central bank voted to buy 75 billion pounds more in assets to shield Britain's economy from the euro zone debt crisis and keep the faltering recovery going. But the European Central Bank held interest rates at 1.5 percent, as a jump in inflation last month offset pressure to respond to the Euro zone's worsening debt crisis by easing borrowing costs. This has disappointed those traders who had hoped for a modest cut in rates.
News On AIR | October 6, 2011 9:33 PM
Crude futures for November loses 29 cents at $ 102.44 per barrel