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Crude oil futures plunged Thursday, despite news that OPEC has agreed to extend its supply quota plan.
Reports said OPEC agreed to keep its own cuts of around 1.2 million barrels per day in place for nine months. However, Nigeria and Libya will remain exempt from making cuts, Bloomberg said, and Iran remains reluctant
OPEC's oil minister said the extra nine months "should do the trick" of re-balancing the oil markets following a massive global supply glut.
June WTI oil settled at $48.90/bbl, down $2.46, or 4.8%.
In economic news, A report released by the Labor Department on Thursday showed a slight uptick in first-time claims for U.S. unemployment benefits in the week ended May 20th.
The report said initial jobless claims inched up to 234,000, an increase of 1,000 from the previous week's revised level of 233,000.
