Oil prices edged lower in Asia Thursday as dealers await a much-anticipated European Central Bank (ECB) policy meeting and the release of the latest U.S. supply report, analysts said. 

U.S. benchmark West Texas Intermediate for delivery in March fell 29 cents to $47.49 while Brent for March eased 10 cents to $48.93 in afternoon trade. 

Venezuela's embattled president pledged Wednesday night to strengthen safety net programs and he rejected devaluing the currency during a long-delayed speech addressing the socialist country's deteriorating economy.

President Nicolas Maduro had promised several times in the past month to make announcements regarding the South American country's worsening shortages of basic goods and its deepening recession, and many people had expected him to drastically change the price and currency controls that economists say contribute to crippling 60 percent inflation.

The Russian government is preparing to launch an "anti-crisis program" to tackle the country's stalled economy at the cost of 1.375 trillion rubles (18 billion euros, $21 billion), deputy prime minister Igor Shuvalov said Wednesday.

Meeting President Vladimir Putin, Shuvalov said: "According to this plan, now we need to finance measures to the sum of 1.375 trillion rubles," according to the Interfax news agency. 

French energy giant Total is expected to abandon its search for oil and gas off Cyprus after failing to find any significant targets for exploratory drilling, Energy Minister George Lakkotrypis said Wednesday.

Total “has not found any geological structures or targets to continue its obligations” in the blocks it is licensed to exploit, Lakkotrypis said.

Non-OPEC oil producer Oman described as bad politics and bad business Wednesday the cartel's November decision to make no cut in output, which sent world prices crashing.

OPEC kingpin Saudi Arabia said the decision was necessary to prevent the cartel losing market share after a sharp increase in U.S. shale oil production.

Oil prices are unlikely to fall further after a plunge of nearly 60 percent since June, Iraqi Oil Minister Adel Abdul Mahdi said on Wednesday.

"Our estimate is that the prices (of oil) have reached the bottom. It is very difficult to drop lower than this," Abdul Mahdi told a conference in Kuwait.

A New York court Tuesday handed a four-year prison sentence to a Bitcoin exchange operator who sold virtual currency used to buy drugs on the Silk Road underground website.

Robert Faiella, 55, and an accomplice were charged with conspiracy to commit money laundering and running an unlicensed money transmitting business.

Cheap fuel prices are doping the finances of airlines, but analysts say European giant Air France-KLM may still be forced to make further job cuts to cope with stiff competition and a sluggish economy. 

Despite the company's assertions that no decisions have been taken, the leaders of Europe's second -argest airline have for months seemed to be preparing the ground for the inevitability it will have to shed further staff. 

Toyota sold 10.23 million vehicles last year, it said on Wednesday, outpacing General Motors and Volkswagen to remain the world's biggest automaker, but a shaky outlook for 2015 could see it lose the title to its German rival.

The record worldwide annual sales figure beat Volkswagen, which logged sales of 10.14 million vehicles, and U.S.-based GM, which said it sold 9.92 million cars last year.

Kuwait has scrapped the commercial license of leading newspaper al-Watan, which has been highly critical of the government, citing its failure to comply with legally required financial terms.

Al-Watan, owned by a member of the al-Sabah ruling family, said on its website, which was still operating, that it had challenged the decision in court.