2016.07.2114:46:00UTC+00Crude Oil Tumbles Below $45 On Robust Global Supplies

Crude oil prices tumbled Thursday as a brief rally fizzled out on expectations the global supply glut will worsen.

Nigeria, Canada and Iran are ramping up production after supply interruptions, while U.S. rig counts are seen rising yet again this week.

Prices turned lower as traders shrugged off yesterday's EIA data showing another drop in U.S. oil inventories.

Sept. WTI oil was down $1, or 2.2%, to settle at $44.75/bbbl.

Initial jobless claims in the U.S. unexpectedly saw a slight drop in the week ended July 16th, according to a report released by the Labor Department on Thursday.

The report said jobless claims edged down to 253,000, a decrease of 1,000 from the previous week's unrevised level of 254,000.