"Oil prices collapsed on Thursday to their lowest since late November as investor worries about the world's stubbornly persistent glut of crude erased most of the gains that followed last year's OPEC's output cut.
The slide worsened after OPEC delegates downplayed the chance that their group and other producing countries would deepen their output cuts when they meet on May 25. They did say current output cuts were likely to be extended.
U.S. West Texas Intermediate (WTI) crude futures ended trading down $2.30, or 4.8 percent, at $45.52 a barrel. Brent crude oil futures were down $2.53, or 5 percent, at $48.26 a barrel by 2:53 p.m. (1853 GMT)."
"Oil trades near five-month lows despite Saudi assurances on cuts" (Reuters)