West
Texas Intermediate oil fell below $50 a barrel for the first time since
April 2009 as surging supply signaled that the global glut that drove
crude into a bear market will persist.
Futures
slid as much as 5.2 percent in New York. Brent futures earlier slid
below $55 in London for the first time since May 2009. Russia™s output
rose to a post-Soviet high in December, preliminary Energy Ministry data
showed. Iraq, the second-largest producer in the Organization of
Petroleum Exporting Countries, plans to boost crude exports to a record
this month, the Oil Ministry said.
Brent
slumped 48 percent last year, the most since the 2008 financial crisis,
as OPEC resisted calls to cut output amid a battle with U.S. shale
producers for market share. The 12-member group pumped above its target
for a seventh straight month in December, according to a Bloomberg
survey.
West
Texas Intermediate for February delivery dropped $2.48, or 4.7 percent,
to $50.21 a barrel on the New York Mercantile Exchange at 11:33 a.m.
local time. It slipped to $49.95, the lowest level since April 29, 2009.
Volume for all futures traded was 4.8 percent above the 100-day
average. The U.S. benchmark grade traded at a $3.04 discount to Brent.
Source: Bloomberg
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