Oil futures declined on Thursday, pushed lower by the news the European Central Bank has given troubled economy Cyprus until just Monday to come to an agreement over its bailout deal.

It was also hit by the news that Eurozone manufacturing data showed its fastest rate of contraction in three months, dashing hopes of an economic recovery.

A composite index based on a survey of purchasing managers fell to 46.5 from 47.9 in February, according to Markit Economics.

The May futures contract for oil fell 1.12% to $92.45 per barrel.

Heating oil fell 0.53% to $2.98 per gallon, while natural gas slipped 0.63% to $3.94 per million British thermal units, and unleaded gas fell 1.36% to $3.06 per gallon.

In metals, gold was pushed higher by the difficulties in the Eurozone, settling up 0.39% at $1,613.80 per troy ounce.

Silver rose 1.37% at $29.21 per troy ounce, while platinum was down 0.15% to $1,580.10, and copper down 0.33% to $3.44 per pound.

NR

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