Oil prices settled lower on Thursday, down a third straight session. Record U.S. stockpiles of crude oil fed concerns over a global glut of supplies, despite expectations that U.S. demand for gasoline is set to grow in the run up to the summer driving season. May West Texas Intermediate crude lost 34 cents, or 0.7%, to settle at $47.70 a barrel, with the contract marking its lowest finish since late November.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News