2017.03.2314:40:00UTC+00Crude Oil Slips Below $48 As Dollar Firms

Crude oil futures were lower Thursday as the dollar firmed on rate hike chatter and upbeat economic news.

Federal Reserve Bank of San Francisco President John Williams told Wall Street Journal he expects the central bank to raise rates three or four times this year.

Meanwhile, new home sales in the U.S. saw a substantial increase in the month of February, the Commerce Department revealed in a report on Thursday, with sales jumping to their highest level in seven months.

Concerns the OPEC's supply quota plan will not alleviate the global supply glut also weighed on oil prices.

Yesterday, the U.S. EIA reported crude oil inventories jumped another 4.5 million barrels to a record high.

WTI light sweet crude oil was down 35 cents to $47.69 a barrel, stuck near its lowest levels since November.

Traders are looking ahead to Friday afternoon's U.S. oil rig count from Baker Hughes. The rig count has been constantly rising this winter.