A brief rally in oil prices fizzled Thursday amid lingering doubts about OPEC's supply quota plan.
The International Energy Agency said OPEC would be able to re-balance the oil market and end the global supply glut within months, but soaring U.S. production has generated skepticism.
U.S. stockpiles stayed near record highs this week, according to EIA data released yesterday. Traders will be paying close attention tomorrow when Baker Hughes releases its rig count data.
Domestic drillers have been adding rigs at a breakneck pace for the past few months.
WTI oil settled at $48.75/bbl, down 11 cents, or 0.2%, near its lowest since November.
In economic news, Philadelphia-area manufacturing activity grew at a slower rate in the month of March, the Federal Reserve Bank of Philadelphia revealed.
The Commerce Department showed a rebound in new U.S. residential construction in the month of February. The report also showed a sharp pullback in building permits.
by RTT Staff Writer
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