Oil prices continued to slide Tuesday, with U.S. prices trading below $50 a barrel, on new indications that top exporter Saudi Arabia was unwilling to cut production to reduce a global glut of oil.
Light, sweet oil for February delivery fell $1.18, or 2.4%, to $48.86 a barrel on the New York Mercantile Exchange.
Brent, the global benchmark, fell $1.37, or 2.6%, to $51.74 a barrel on ICE Futures Europe.
Both contracts are on track to settle at fresh more-than-five-year lows.
The price drop roiled other markets, ascurrencies of oil-producing nations fell against the dollar.
Oil futures have plunged for months on concerns that the global market is oversupplied, largely due to unexpectedly strong U.S. output. Demand growth has also fallen short of expectations.
The Organization of the Petroleum Exporting Countries opted not to lower its production quota in November, disappointing many investors and traders who had counted on the cartel to restore balance to the market.Read the rest of the article by clicking here.
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