Brent crude oil fell below $108 a barrel on Thursday after comments by European Central bank President Mario Draghi raised the prospect of further weakness in the euro zone and a bleaker outlook for oil demand.
"The Governing Council continues to see downside risk to the economic outlook for the euro area," Draghi told a news conference after an ECB policy meeting.
Oil prices reacted to the statement swiftly, falling more than 50 cents per barrel. Brent crude was down 0.9 percent to below $108 a barrel, after dropping for the past three sessions. U.S. crude lost about 1.4 percent to $86 a barrel.
— Reuters contributed to this report