Oil Report

U.S. crude futures briefly turn positive on ECB rate decision

Jan 21 (Reuters) - U.S. crude oil futures briefly turned positive early Thursday after the European Central Bank held interest rates at record lows on Thursday.

But stock market declines, tumbling bank stocks and ebbing inflation may set the stage for action later in the year, ECB President Mario Draghi said in a news conference.

After both Brent and U.S. crude oil futures fell to their lowest levels since 2003 on Wednesday, U.S. crude were down four cents or 0.1 percent to $28.31 per barrel, by 8:46 a.m. EST (1346 GMT), after earlier turning positive.

Brent crude futures for March delivery, meanwhile, were down 15 cents to $27.73, a 0.5 percent loss, (Reporting by Scott DiSavino)