2016.06.3015:00:00UTC+00Crude Oil Stuck Below $50

Crude oil futures were lower Thursday, trimming huge gains from the previous session.

August WTI oil settled at $48.33/bbl on Nymex, down $1.55, or 3.1%

Traders booked profits, hoping for more time to assess the UK's landmark decision to leave the European Union.

After a two-day tantrum, markets are pretty much taking the Brexit in stride.

In U.S. economic news, the Labor Department released a report this morning showing that initial jobless claims rose by slightly more than expected in the week ended June 25th.

The report said initial jobless claims rose to 268,000, an increase of 10,000 from the previous week's revised level of 258,000.

Economists had expected jobless claims to edge up to 266,000 from the 259,000 originally reported for the previous week.