The increase in U.S. crude inventories shows no sign of a slowdown, and supplies are holding around an 80-year high despite declines in the number of rigs drilling for oil.Oil futures settled below $50 a barrel after U.S. government data Wednesday showed a bigger-than-expected jump in weekly crude inventories.
On the New York Mercantile Exchange, crude for delivery in March CLH5, +1.25% settled at $48.84 a barrel, down $1.18, or 2.4%. Prices dropped more than 5% on Tuesday.
Brent crude for March delivery LCOH5, +0.77% fell $1.77, or 3.1%, to $54.66 a barrel on London’s ICE Futures exchange.
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