16.06.201608:31:00UTC+00Crude Oil Retreats Near $47

Crude oil futures tumbled Thursday, extending this week's significant retreat amid demand concerns and a global supply glut.

Global economic headwinds are blowing relatively hard just as supplies from Canada, Libya and Nigeria are coming back to market.

Canadian oil sands operators are resuming operations after last month's devestating wildfires near Ft. McMurray.

Meanwhile, EIA data yesterday showed U.S. oil inventories fell less than expected.

WTI Crude oil for July was down 80 cents at $47.20 a barrel, having topped out near $52 last week.