Crude oil prices sank on Thursday as domestic production threatened OPEC’s efforts to rebalance the market, according to Bloomberg MarketWatch.
April West Texas Intermediate crude oil edged down by 11 cents, or 0.2%, to settle at $48.75 a barrel on the New York Mercantile Exchange.
May Brent crude, the global benchmark, shed 7 cents, or 0.1%, to end trading at $51.74 a barrel on the London ICE Futures Exchange.
Meanwhile, natural gas prices pared some of its declines after U.S. government data revealed a drop of 53 billion cubic feet in supplies for the week ending March 10. Analysts polled by S&P Global Platts forecast a decline of 55 billion cubic feet.
On the New York Mercantile Exchange, April natural gas fell 1.9 cents, or 0.6%, to settle at $2.962 per million British thermal units.