MW: Oil drops as Draghi comments send dollar higher
By Sara Sjolin
LONDON (MarketWatch) -- Crude-oil futures moved sharply lower on Thursday, as the euro dropped during European Central Bank President Mario Draghi's monthly news conference, sending the U.S. dollar higher and adding pressure on dollar-denominated commodities. The euro declined as Draghi said the policy makers had considered a rate cut for the region, but chose to keep benchmark rates at a record low. Crude oil for January delivery CLF3 -1.58% sank $1.5, or 1.7%, to $86.36 a barrel. Gasoline for the same month RBF3 -0.81% lost 0.9% to $2.62 a gallon, while January heating oil HOF3 -0.79% fell 0.8% to $2.97. The ICE dollar index DXY +0.17% rose to 79.93 from 79.774 late Wednesday in North America.
