Brent Crude Settles Below $50 for First Time in Nearly Six Years - TopicsExpress

Brent Crude Settles Below $50 for First Time in Nearly Six Years via WSJ: The global oil benchmark settled below $50 a barrel for the first time in nearly six years Monday as major banks continued to slash their forecasts, saying lower prices are needed to reduce global supplies. Brent dropped $2.68, or 5.3%, to $47.43 a barrel on ICE Futures Europe, the lowest settlement since March 2009. After dropping in half in 2014, Brent oil prices are already down 17% for the year, as robust global supply growth continues to outpace demand. U.S. oil for February delivery settled down $2.29, or 4.7%, at $46.07 a barrel on the New York Mercantile Exchange, the lowest level since April 2009. The U.S. benchmark has fallen 14% so far this year. wsj/articles/brent-crude-falls-below-50-in-asian-trading-1421039495?mod=djemalertNEWS

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