Crude oil prices dipped below $49 following the release of new data that show crude supplies rising in the United States and demand growth slowing in China.
Light sweet crude for June delivery fell $2.05 in afternoon trade to $48.40 on the New York Mercantile Exchange, where futures prices for gasoline and heating oil also declined. Crude futures fell by $1.62 on Wednesday. The last time crude futures settled below $49 was Feb. 18.
