Crude prices slide to one-month low on oversupply concerns

Crude prices tumbled on Thursday to a one-month low amid concerns about market oversupply, while OPEC's efforts fail to achieve balance. 

U.S. crude futures last traded at $48.68 a barrel, down from the opening of $49.18, with an intraday high at $49.40, and a low at $48.22. 

Concerns about crude oversupply in the markets hurt prices again, specially after the EIA report yesterday showed a surge in gasoline inventories, indicating increased refining activity. 

Last week, the U.S. oil rig count rose for the fourteenth week in a row, indicating big gains in U.S. shale production. 

The dollar advanced today, heaping pressure on crude prices and ending any chance of a recovery.