Oil prices fluctuated on Thursday with markets braced for the outcome of a crucial meeting by the European Central Bank and for data on U.S. crude inventories. The U.S. data could reinforce the perception that the global oil glut that has driven crude off a cliff since last summer will continue well into 2015. Brent, the global benchmark, is down close to 60% since June. On Thursday, Brent was up 0.7% to $49.40 a barrel in volatile trade on London’s ICE Futures exchange. On the New York Mercantile Exchange, light, sweet crude futures for delivery in March traded broadly flat at $47.80 a barrel. The ECB’s executive board is reported to have proposed buying roughly €50 billion ($58 billion) a month in bonds for at least a year, according to The Wall Street Journal. The final number will be decided when the full 25-member governing council meets later in […]