6  In US dollars for West Texas Intermediate (WTI) crude oil. The price of oil has eased back somewhat and is currently around $ a barrel. BIS Review 9/2008  7  As Keith Sill of the Federal Reserve Bank of Philadelphia notes, five of the last seven US recessions have been preceded by an increase in the price of oil.
In addition to these regular operations, the Eurosystem also provides the opportunity to have recourse to the standing facilities with an overnight maturity on a daily basis, although at lower/higher rates than the minimum bid rate, in order to restrict volatility in the money market.