US crude falls below $44, lowest since April 2009

U.S. crude futures dipped below $44 per barrel on Thursday, touching a level last hit in April 2009.

At 10:52 a.m. EDT, U.S. crude was trading at $43.76 a barrel, down 69 cents.

Brent oil futures softened after traded near $49 a barrel on Thursday as speculator buying on hopes for a price rebound offset data showing record-high U.S. crude stocks. Brent last traded at $48.64, up 17 cents.

Both futures contracts were initially boosted by encouraging U.S. initial jobless claims data, which has dipped to the lowest level in nearly 15 years. This cemented investor views that the U.S. economic recovery was gathering strength and demand for oil products would rise.

The numbers offset Wednesday's bearish supply data from the U.S. Energy Information Administration (EIA) showing that domestic crude stocks had risen by almost 9 million barrels week-on-week to nearly 407 million, the highest level since the government began keeping such records in 1982.

That pushed U.S. crude to an intraday low of $44.08, the weakest since April 2009, but Brent held up relatively well.