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The rally in crude oil prices petered out Thursday morning amid speculation recent gains were overdone in light of the global supply glut.
Global markets remain oversupplied despite OPEC's production quotas and signs that U.S. output may be dwindling.
U.S. inventories have plunged in July, with the EIA's latest figures showing a 7 million barrel drop last week.
Oil challenged $49 on the news, but has since pulled back. WTI light sweet oil for September was down 48 cents at $48.27 a barrel, easing from 2-month highs.
On Monday, Saudi Arabia announced it would cut August exports to 6.6 million barrels a day. Also, Nigeria will no longer be exempt from OPEC's supply quota deal with Russia.
The Federal Reserve will start to sell its $4.25 trillion holdings of Treasurys and mortgage-related debt "relatively soon," it was announced yesterday.
