Oil closed at its lowest since March on Thursday after the dollar trimmed early losses and on concerns about ample global supply and demand for petroleum.
U.S. crude for September futures settled down 74 cents, or 1.5 percent, at $48.45 a barrel—the lowest since March 31. Brent crude was down 90 cents at $55.25 a barrel, having traded as high as $56.53. It fell to $55.10 on July 7.
“The dollar recovered from its lows and there is just a negative mood in commodities and for oil there is the worry that the global economy is going to affect demand,” said Phil Flynn, analyst at Price Futures Group in Chicago.