Oil prices weakened heading into U.S. crude’s settlement Thursday after a larger-than-expected drawdown in U.S. crude stockpiles was balanced by a stronger dollar and position squaring ahead of the expiry of the front-month contracts in gasoline and diesel.
U.S. crude settled down 27 cents, or 0.55 percent, at $48.52 a barrel. Benchmark Brent crude oil was down 15 cents a barrel at $53.20, after settling 8 cents higher in the previous session.
Oil has lost more than $10 a barrel over the past month, with global benchmark Brent nearing a six-month trough earlier this week and U.S. futures near four-month lows, amid a global glut, resurgent dollar and recent stock market tumble in China.
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