Oil prices settled under $50 a barrel on Thursday, at their lowest level since November. Recent U.S. government data showing a ninth weekly rise in domestic crude supplies, as well as total production at a more than one-year high, raised concerns that OPEC-led output cuts won’t be enough to rebalance the market. April West Texas Intermediate crude lost $1, or 2%, to settle $49.28 a barrel on the New York Mercantile Exchange, the lowest finish for a front-month contract since Nov. 29, according to FactSet data.
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