US crude oil futures settled at a two-week low on Thursday as the dollar climbed against major currencies.

Crude for March delivery dropped 79 cents to settle at $95.83 a barrel on the New York Mercantile Exchange, the lowest settlement since January 23rd. Crude had traded at a high of $97.21 earlier in the session.

Focus turned to Thursday's European Central Bank meeting and comments from ECB President Mario Draghi that the Eurozone economy should start to recover later this year as the central bank's monetary stimulus takes effect. He also commented on the recent rise in the euro, saying it stems from fresh confidence in the Eurozone and the euro.

On the ICE futures exchange Brent crude for March gained 51 cents to settle at $117.24 a barrel as concern about tensions Tunisia and Iran fuelled demand.

Among precious metals gold was weighed down by the rising dollar and as traders monitored comments from the ECB.

Also of note, were comments from Charles Evans, president of the Chicago Federal Reserve Bank, who said that the Federal Reserve's bond-buying programme was an appropriate policy to have in place for now. He expects US economic growth of about 2.5% this year, despite a tighter government budget.

Gold for delivery in April fell $7.50 to settle at $1,671.30 an ounce on the Comex division of the New York Mercantile Exchange.



CJ

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