Crude oil futures traded more than $2 lower in European trade Thursday, as a Bank of England rate cut helped boost the U.S. dollar, and hardened concerns that slowing economic activity is set to burden demand for crude oil. The greenback strengthened after the Bank of England lowered it's bank rate by 150 basis points Thursday - the largest cut on record and a far greater chop than the markets had expected - fostering expectations that the European Central Bank could also unleash a larger-than-expected revision at 1245GMT. Markets were broadly expecting a 50 basis point cut prior to the BoE announcement. Meanwhile, drops across European and Asian equity markets consolidated expectations that the outlook for global economic conditions remains difficult, threatening consumption of oil. At 1216 GMT, the front-month December Brent contract on London's ICE futures exchange was down $1.57 at $60.30 a barrel. The front-month December light, sweet, crude contract on the New York Mercantile Exchange was trading $1.56 lower at $63.74 a barrel. The ICE's gasoil contract for November delivery was down $14 at $637.50 a metric ton, while Nymex gasoline for December delivery was down 319 points at 139.25 cents a gallon.

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