Oil falls on output concern; U.S. stocks down

Thu Apr 21, 2016 5:20pm EDT
 
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By Caroline Valetkevitch

NEW YORK (Reuters) - Oil prices slipped on Thursday as producers hinted at more output, while U.S. stocks had their first loss in four sessions after a mixed bag of earnings reports.

The euro eased against the dollar after traders saw potential for the European Central Bank to eventually increase its stimulus measures if necessary.

In his comments Thursday, ECB President Mario Draghi brushed off German criticism of his ultra-loose monetary policy and vowed to use all the tools at his disposal for "as long as needed."

"Markets are convinced that the ECB will do more if it becomes necessary," said Sireen Harajli, currency strategist at Mizuho Corporate Bank in New York.

The euro was last down 0.04 percent against the dollar at $1.1290, after hitting a nine-day high of $1.1394 on the back of comments from Draghi.

Crude oil prices fell as Russia and major producers in the Organization of the Petroleum Exporting Countries indicated they will raise output.

U.S. crude oil prices slid 2.3 percent to settle at 43.18 a barrel. In London, Brent crude was down 2.8 percent to settle at $44.53 a barrel.

Despite Thursday's slide, crude oil prices are up about 40 percent from multi-year lows hit seen in January.   Continued...

 
An oil pump jack can be seen in Cisco, Texas, August 23, 2015.   REUTERS/Mike Stone