MW: Oil futures decline to lowest level since late February
NEW YORK (MarketWatch) -- Oil prices on Thursday fell for a third day to their lowest level in more than two months as investors waited for further words from the European Central Bank after its decision to hold key interest rates at 1%.
ECB officials are holding a press conference scheduled to start at 8:30 a.m. Eastern. See full story.
Crude-oil futures for June delivery were lately off 41 cents at $79.56 a barrel, after sliding to a low of $78.87, its lowest price since late February.
On Wednesday, the contract settled down $2.77, or 3.4%, at $79.97 a barrel on Nymex, its first close below $80 since the middle of March.
The turn lower follows oil rising to a high of $87.15 on Monday with the market bolstered by anticipated demand from global growth.
Yet the current level of supplies is weighing on the market, along with thinking that the European debt troubles could curb the global recovery and demand.
The Energy Information Administration on Wednesday said crude-oil inventories rose 2.8 million barrels in the week ended April 30, which included a 1.7 million increase in inventories in Cushing, Okla., the delivery point for Nymex oil.
Analysts surveyed by Platts had expected crude stocks to increase by 1.54 million barrels.
