LONDON: One of the world’s major oil contracts, New York´s WTI, slumpedunder $50 per barrel on Thursday, reaching the lowest level in nearly 14months.
The WTI and Brent North Sea crude, another benchmark contract, have beentumbling for weeks on fears of a supply glut, despite oil kingpin SaudiArabia planning an output cut and urging other producer nations to followsuit.
The WTI hit as low as $49.41 per barrel, the lowest point since Octoberlast year. Around 1025 GMT and after a slight recovery, the WTI stood at$49.83, down 46 cents compared with Wednesday´s close. Brent was down 63cents at $58.13. – APP / AFP