Crude oil settles below $45 as oversupply fears persist

Crude-oil futures extended their slide Thursday as a persistent global supply glut, a strengthening dollar and concerns about China’s economy continued to throw a bearish pall over the market.

Brent crude LCOU5, +0.48% the global oil benchmark, fell 7 cents, or 0.1%, to $49.52 a barrel on London’s ICE Futures exchange.

On the New York Mercantile Exchange, West Texas Intermediate futures CLU5, +0.52% dropped 49 cents, or 1.1%, to close at $44.66 a barrel, its lowest settlement price since March.

Weekly data from the Energy Information Administration on Wednesday showed a fall in U.S. crude-oil inventories — usually a bullish sign of strong demand — but the positive effect was overshadowed by an increase in stockpiles of gasoline and other finished products.

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