Oil Is Tumbling Again

Crude oil is falling again.

In morning trade Thursday, the price of West Texas Intermediate crude oil was back down to around $US66.50 a barrel.

The decline in oil comes as European Central Bank president Mario Draghi speaks following the ECB’s latest monetary policy decision, which saw the ECB keep rates unchanged.

During his news conference, Draghi said that the declining price of oil was “unambiguously positive,” a comment that seemed to be putting oil under a bit of pressure Thursday morning.

The euro is also surging as Draghi speaks, as the timeline for a potential change in the ECB’s easing measures disappointed the market, with Draghi saying the ECB would reassess its program “early” next year, which he specified did not mean January.

Oil prices have partially rebounded since a huge crash last week, with WTI prices pushing back above $US69 a barrel briefly.

But on Thursday, oil was resuming its move lower.

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