Crude oil prices fell Thursday as markets were doubtful that unprecedented stimulus from the European Central Bank will jump start the region’s lousy economy.
April WTI oil settled at $37.84/bbl on Nymex, down 45 cents, or 1.2%, falling from 3-month highs.
The ECB expanded the monthly purchases under the asset purchase programme by EUR 20 billion to EUR 80 billion starting in April.
Economists were looking for an increase of about EUR 10 billion, but few measures have worked so far.
Rising U.S. crude oil stockpiles contributed to the decline.
The material has been provided by InstaForex Company – www.instaforex.com