(MENAFN- ProactiveInvestors)
Oil prices fell below US$50 barrel for the first time since April 2009 as surging supply signalled that the global glut that drove crude into a bear market will persist.
West Texas Intermediate for February delivery fell as low as US$49.77 yesterday before settling at US$50.04 a barrel down US$2.65 on the New York Mercantile Exchange.
This was the lowest settlement since 28th April 2009.
Brent for February settlement declined 5.9% to end the session at US$53.11 a barrel on the London-based ICE Futures Europe exchange. It was the lowest close since May 1 2009.
Russia’s output rose to a post-Soviet high while Iraq the second-largest producer in OPEC plans to boost crude exports to a record this month.
The price drop accelerated as the dollar climbed against the euro amid investor concern Greece might leave the currency union.
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