March 9 (UPI) -- Oil prices fell sharply Thursday, with West Texas Intermediate crude falling below $49 per barrel for the first time this year.
WTI and Brent crude oil closed downward Wednesday after U.S. supply data showed inventories are at record highs. The buildup comes as OPEC countries are attempting to reduce production to stabilize the market. The April contract, CLJ7, fell 2.8 percent to $48.88 per barrel; all WTI and Brent contracts for 2017 fell slightly on Thursday.