Crude-oil futures settled sharply lower Thursday, erasing a surge higher that followed the Swiss National Bank’s decision to scrap a cap on its currency, as the U.S. dollar regained its footing and investors focused on OPEC’s downgraded forecast of demand for its crude.West Texas Intermediate crude oil for February delivery CLG5, +0.76% fell $2.23, or 4.6%, to settle at $46.25 a barrel after trading as high as $51.27. Oil saw its biggest one-day jump since 2012 on Wednesday, in a move tied in part to options expiration activity, but it gave back most of that gain Thursday and remains near six-year lows.
ICE February Brent North Sea crude oil LCOG5, -2.07% lost $1.02, or 2.1%, to settle at $47.67 a barrel.
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