The price of Brent Crude oil has
fallen below $50 a barrel for the first time since May 2009. It fell more than a dollar to $49.92 a barrel in early
trading on Wednesday before edging back above the $50 mark. Slowing global growth and increased supply of oil and gas
have pushed prices sharply lower in recent weeks.
The price of oil traded in the United States, known as
West Texas Intermediate crude, has already breached the $50 threshold. Many observers expect the price of oil to fall further as
North American shale producers continue to supply increasing quantities of oil
and gas and Opec resists calls for cuts in production to support prices.
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