Oil falls on concerns about supply glut

Brent crude oil futures settled at its lowest since April on Thursday and US crude fell into bear market territory and ended below $49 a barrel for the first time since late March. US crude's $48.45 a barrel settlement is down 21 per cent from the June 10 close at $61.43 and a 20 per cent downturn is considered by many traders to constitute a bear market. The weaker dollar supported oil early, but the US currency trimmed losses after a report showing tumbling jobless claims in the United States. A weaker US dollar makes greenback-denominated oil less expensive for consumers using other currencies. Brent September crude fell 86 cents to settle at $55.27, the lowest since April 2. Thursday's $55.10 session low matched the low from July 7. Brent's premium to US crude seesawed but increased to $7.19 a barrel intraday, according to Reuters.