Brent plunges below US$50 mark - levels last seen in May 2009

08-Jan-15

Slowing global growth amid an oil supply glut have pushed oil prices to levels below US$50, in early trading on Wednesday before edging back above the US$50 mark. West Texas Intermediate crude has already fallen below US$50. Oil is expected to see a further drop as North American shale producers continue pumping shale gas and oil and OPEC members refuse to reduce output. After peaking at US$115 a barrel in June, Brent has more than halved in price amid a global supply glut.