(New York) – US oil prices slipped below $50 a barrel for the first time in more than five years as the surging dollar and news of additional supplies extended a six-month rout.
US benchmark West Texas Intermediate for February delivery, in free fall since June, ended at $50.04 a barrel, down $2.65 or five percent. The contract got as low as $49.95 a barrel earlier in the session, its lowest level since May 1, 2009.
European benchmark Brent oil for February delivery fell $3.31 to $53.11 a barrel in London.
Slide in oil prices followed indications of rising output from key producers Russia and Iraq at a time when forecasters have trimmed their demand projections due to weak global economic growth.
(Courtesy WAM)
