Oil Drops as ECB’s Draghi Says Economic Risks Remain

Crude dropped in New York after the dollar rose against the euro as European Central Bank President Mario Draghi said economic risks remain after the bank cut rates to a record low.

Futures fell 0.5 percent as the dollar reached a one-month high against the common currency. Draghi said there were “downside risks” to the euro-area’s economic outlook. Prices briefly advanced after an Energy Department report showed that U.S. crude supplies fell 4.27 million barrels to 382.9 million last week, the biggest decrease since December.