Oil ends below $50 as supply hovers at 80-year high

The increase in U.S. crude inventories shows no sign of a slowdown, and supplies are holding around an 80-year high despite declines in the number of rigs drilling for oil.

 Crude for delivery in March CLH5, +1.23%  settled at $48.84 a barrel, down $1.18, or 2.4%. Prices dropped more than 5% on Tuesday.

Brent crude for March delivery LCOH5, +0.77%  fell $1.77, or 3.1%, to $54.66 a barrel on London’s ICE Futures exchange.