US oil price falls below $50, first time since April 2009

January 06, 2015 09:13

BBC reports: The US oil price fell below the symbolic threshold of $50 a barrel for the first time since April 2009, before finishing the day at $50.05.

The price of Brent crude also fell on Monday, dipping 6 per cent to $53 a barrel.

The price of both Brent crude and US oil, known as West Texas Intermediate crude, have now lost more than half of their value since mid-2014.

Investors are worried that combination of a global supply glut and weak demand could cause prices to tumble further.

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