Oil Price Drop Steady For Six Months Under $50

Global fall in oil price reached 5 percent lower on Monday to their lowest since January, taking global benchmark Brent below $50 a
barrel as weak factory activity in China deepened a commodity-wide rout, Reuters reports.

Growing concerns over excess global oil supplies, heavy selling in pumped-up gasoline futures and technically driven momentum trading knocked prices to within
a few dollars of the six-year lows touched at the start of this year.

Brent, the global benchmark for crude, settled down $2.69, or 5.2 percent, at $49.52 a barrel. Brent’s session bottom of $49.36 was within striking range of its 2015 low of $49.19. U.S. crude settled down $1.95, or 4.1 percent, at $45.17, just
about $3 above its 2015 bottom.