Oil prices fall ahead of key European bank meeting
The price of oil is falling as worries about the global economy offset expectations that Europe may announce a new plan to help the region's fragile economy.
Benchmark oil fell 61 cents to $94.69 per barrel in New York. Brent crude fell 70 cents to $113.48 per barrel in London.
The U.S. said Wednesday that worker productivity rose modestly in the second quarter. But weak manufacturing reports earlier in the week from China and the U.S. still weighed on traders' sentiment.
The market is watching two developments. The European Central Bank is expected to announce a program Thursday to promote the economy. And the U.S. will release its monthly employment report on Friday.
At the pump, AAA says the national average gasoline price is unchanged at $3.824 per gallon.