NEW YORK: Crude oil futures traded lower yesterday after a surprise rate cut from the European Central Bank boosted the dollar and hit commodities priced in the US currency. The losses, however, were limited by a drop in US crude oil inventories, with data from the US Energy Information Administration showing a 905,000-barrel fall last week. US crude for October delivery fell $1.09 on the day to settle at $94.45 a barrel while international Brent fell 94 cents to settle at $101.83 a barrel. EIA data showed that crude stocks at the Cushing, Oklahoma, delivery point of the US crude contract, were down 385,000 barrels.
REUTERS
