WTI crude declines again

Market news

4 February 2016

WTI crude declines again

WTI crude fell after a rise earlier. Earlier in the day, oil prices increased on a weaker U.S. dollar.

Venezuelan Oil Minister Eulogio del Pino said on Thursday that non-OPEC members Russia and Oman OPEC members Iraq, Iran, Algeria, Nigeria, Ecuador and Venezuela are ready to take part in a meeting to discuss the stabilisation of the oil market, if such meeting will take place.

News that Turkey was preparing for a military invasion of Syria also supported oil prices. The Russian Defense Ministry said on Thursday that there are "reasonable grounds" Turkey was preparing for invasion.

WTI crude oil for March delivery fell to $31.68 a barrel on the New York Mercantile Exchange.

Brent crude oil for April climbed to $35.54 a barrel on ICE Futures Europe.

European stocks closed: FTSE 5898.76 61.62 1.06%, DAX 9393.36 -41.46 -0.44%, CAC 40 4228.53 1.57 0.04%

European Central Bank Executive Board member Yves Mersch: productivity in the Eurozone was driven by job cuts

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