Oil falls below $49 amid gloomy data

HOUSTON (AP): Oil prices staged a late rally but still closed below $49 a barrel Wednesday, as more signs of a sick economy fueled worries about energy consumption. The U.S. oil inventories are now at levels not seen in more than 15 years.

Benchmark crude for May delivery fell $1.27 to settle at $48.39 a barrel on the New York Mercantile Exchange. The price tumbled as low as $47.26 during Tuesday's session but surged a bit late, along with Wall Street stock prices. The Dow Jones industrials added about 150 points in late afternoon trading, in part from a report showing a rebound in pending home sales - a bright spot in a slew of mostly bleak economic news.