US oil price tumbles on strong dollar

U.S. oil price lost Thursday as dollar appreciated after European Central Bank's decision to cut its interest rate. A stronger greenback made the dollar-priced crude less attractive for buyers holding other currencies.
The ECB announced at its policy meeting earlier in the day that interest rates of the main refinancing operation, marginal lending facility and deposit facility will be cut to 0.15 percent, 0.4 percent and minus 0.1 percent, respectively.
ECB President Mario Draghi told a press conference that the rate cut was among "a combination of measures to provide additional monetary policy accommodation and to support lending to the real economy."
The stronger greenback makes dollar-priced oil more expensive for buyers using weaker currencies.
Brent oil price climbed on the unrest in Ukraine. Traders fear a conflict in Ukraine will disrupt supplies and send crude prices higher.
On the economic front, the number of Americans who initially applied for jobless benefits last week rose slightly. The U.S. Labor Department reported that the advance figure for seasonally adjusted initial claims increased 8,000 from the previous week to 312,000, while the four-week moving average fell to a seven-year low of 310,250.
Investors are closely awaiting the department's nonfarm payroll report due out Friday to get more clues about the improvement in the U.S. labor market.
Light, sweet crude for July delivery moved down 16 cents to settle at 102.48 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery gained 39 cents to close at 108.79 dollars a barrel.