Oil Market Update

Oil futures on Thursday settled at their lowest level in nearly a month, with strength in the U.S. dollar adding insult to injury to a market that is already suffering from record-high crude supplies in the U.S.

April crude CLJ5, +2.80%  dropped $2.82, or 5.5%, to settle at $48.17 a barrel on the New York Mercantile Exchange. That was the lowest close for a most-active contract since late January.

Brent crude for April delivery LCOJ5, +4.05%  on London’s ICE Futures exchange lost $1.58, or 2.6%, to $60.05 a barrel.