Oil market collapses under $50

January 06, 2015 01:05

Global oil prices today collapsed under $50 for the first time in more than five years on the strong dollar, plunging equities, demand worries and plentiful crude supplies.

The renewed slump came as the Dow index stood down more than 200 points and European equity markets lost more than two percent on fears of a Greek exit, or so-called Grexit, from the eurozone.

At about 1630 GMT, US benchmark West Texas Intermediate for February delivery tumbled to $49.95 per barrel, touching the lowest level since May 1, 2009.

London's Brent North Sea crude for February dropped to a similar nadir at $52.66 a barrel.

"Greek problems may spell trouble for the eurozone (and) may impact energy demand out of Western Europe -- especially with press suggesting German politicians are talking about Grexit," said Ransquawk analyst Anthony Cheung.

New York crude later stood at $50.27, down $2.42 from Friday's closing level. Brent was at $53.09 a barrel, down a hefty $3.33.

The euro fell to a nine-year low against the dollar on worries that a victory in Greece by the far-left Syriza party in the January 25 election will result in the country's departure from the eurozone.

« Back to LIVE

TOP STORIES

Kedarnath Temple Opens On Akshaya Tritiya

The Kedarnath temple in the Garhwal Himalayas opened for devotees on the occasion of Akshaya Tritiya after remaining closed during the winter.

TCS COO Ganapathy's FY24 pay more than CEO Krithivasan's

K Krithivasan, chief executive officer (CEO) and managing director (MD) of TCS, took home a salary of Rs 25.4 crore in 2023-24 (FY24), less than chief operating officer and executive director N Ganapathy Subramaniam. Krithivasan took...

Kohli's Moment Of Magic On The Field

Punjab Kings had a horror day on the field as they put down four catches against Royal Challengers Bengaluru.

'I Had Never Asked For Votes Before'

BJP candidate Rajeev Chandrasekhar's wife and son who keep themselves far from the political limelight reveal what it is like to campaign for the first time.

Squash star Joshna Chinappa conferred with Padma Shri

'Just being recognised for all my efforts towards the game feels good.'