US Oil Price falls below $50 per Barrel for the first time since 2009 Monday Jan 05,2015

 

Crude settles at $50.04 per barrel, lowest since April 2009

U.S crude dipped below $50 a barrel while benchmark Brent crude tumbled under $53 after data showed Russian oil output at post-Soviet era highs and Iraqi oil exports at near 35-year peaks.

The sell off in global oil markets showed little signs of slowing in the new year, falling as much as 6 percent on Monday Jan 05,2015 to their lowest since spring of 2009 as fears of a supply glut that vexed the market for the past six months deepened.

US Crude closed down $2.65, or 5 percent, at $50.04 a barrel—its lowest settlement since April 2009. The contract fell further in extended trading.

Front-month Brent Crude hovered around $53 a barrel, down about $3, after dropping to $52.66, its lowest since May 2009.

Note
Oil has plunged nearly 55 % in value since June 2014, when Brent traded above $117 a barrel and U.S. crude above $107.