Oil prices slip ahead of key European bank meeting

The price of oil fell slightly as the market awaits the latest move by Europe's central bank to ease the debt crisis that has hamstrung the region's economy.

Benchmark oil slipped 4 cents to $95.26 per barrel in New York. Brent crude, which is used to price international varieties of oil, fell 56 cents to $113.62 per barrel in London.

Weak manufacturing reports earlier in the week from China and the U.S., as well as Europe's dire economic picture, weighed on trader sentiment on Wednesday. But that was countered by hope for measures from central banks and governments to promote global economic growth, which could translate into more demand for energy products.

Traders are awaiting two key developments later this week.

The European Central Bank is expected to announce a bond-buying program Thursday to reduce high borrowing costs in Spain and Italy. The program is designed to help stabilize the region's financial crisis and promote growth.

Analysts say oil prices likely will fall without additional aid for the European economy because that would heighten concerns about a Europe-wide recession, Tradition Energy oil analyst Gene McGillian said.

He speculated that the price could drop into the mid-$80 per barrel range. Oil's low for the year was $77.69 per barrel in late June.

Traders also are awaiting the U.S. nonfarm jobs report, which is due out Friday. It should offer fresh clues about where the economy is headed.

Meanwhile, average gas prices were unchanged overnight at $3.824 per gallon, according to AAA, Wright Express and the Oil Price Information Service.

In other futures trading in New York:

? Heating oil fell 3 cents to $3.12 per gallon.

? Wholesale gasoline was unchanged at $2.96 per gallon.

? Natural gas fell 5 cents to $2.81 per 1,000 cubic feet.

Source: http://news.yahoo.com/oil-prices-slip-ahead-key-european-bank-meeting-164110381--finance.html

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