Investing.com - Crude oil prices eased slightly in Asia on Friday ahead of U.S. data expected to show a gain of 218,000 jobs, underpinning continued strength for the dollar.
West Texas Intermediate and Brent oil futures both dropped to multi-week lows on Thursday, as the U.S. dollar rallied after the European Central Bank cuts its deposit rate below zero and said additional steps would include targeted long-term loans.
On the New York Mercantile Exchange, U.S. crude oil for delivery in July traded at $102.45 a barrel, down 0.03%, after falling to a session low of $101.61 a barrel, the weakest level since May 21, before trimming losses.
The ICE Brent oil contract erased early losses and rose 0.4% to $108.79, ending four straight losing sessions.
The European Central Bank cut its benchmark interest rate to a record-low 0.15% from the 0.25% rate held since November earlier in the day.
The central bank also cut its marginal lending rate to 0.40% from 0.75% and lowered its deposit facility rate to -0.10% from 0.0%, thereby charging commercial banks for deposits parked overnight with the central bank.
Speaking at the ECB's post-policy meeting press conference, Draghi outlined a number of other liquidity-boosting measures, including a targeted long term loan program and ending bond purchase sterilizations. Draghi added that the central bank was preparing for asset-backed security purchases.
A stronger U.S. dollar usually weighs on oil as it makes dollar-priced commodities more expensive for holders of other currencies.
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