Oil Drops Below $50 a Barrel
Oil fell below $50 a barrel for the first time in almost two years, as recession in the United States, Europe and Japan cut global energy demand, Bloomberg reported Thursday.
Crude futures fell to as low as $49.75 in intraday New York Mercantile Exchange trading, the first time they have dipped below $50 since Jan. 18, 2007, Bloomberg said. Futures closed at $53.62 on Wednesday.
Oil has fallen 65% — almost $100 — since reaching an overall record of $147.27 a barrel on July 11. The record Nymex closing price was $145.29, set July 3.
The December futures contract expires Thursday on the Nymex, while the January contract begins Friday, Bloomberg said.
Diesel and gasoline have fallen precipitously along with crude’s plunge, after setting record highs in mid-July.
The Department of Energy comes out with its weekly survey of filling stations on Monday.
