Oil falls below $50 as US oversupplies

Source: Bloomberg
© Scanpix/Reuters
Oil experienced a record drop since May 2009 of below $50 per barrel due to speculation that US inventories will rise, increasing global oversupply. Brent futures slid 2.3% for five consecutive days of losses, while crude stockpiles in the US largely expanded, whereas oil's second-largest consumer, China, is expecting slower imports. During last year oil slumped by the largest amount since 2008 financial crisis, losing nearly half of its price, with Brent futures for February declining by $1.18 down to $49.92.
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