NEW YORK (AP)
The price of oil is falling after the head of the European Central Bank disappointed investors by failing to take immediate action to prop up the eurozone economy.
ECB President Mario Draghi said last week that he would do “whatever it takes” to save the euro. Draghi was expected to quickly back that up with a plan to spark spending and borrowing in the European Union.
So far he hasn’t delivered. In a speech on Thursday, Draghi suggested the ECB could buy bonds to lower borrowing costs for European countries. But he offered no specific measures.
Benchmark crude gave up $1.04 to $87.87 per barrel while Brent crude rose 23 cents to $106.19 per barrel in London. Retail gasoline prices added 1.3 cents to $3.534 per gallon.